What's so bad about payday loans?
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Poast new message in this thread
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Date: March 21st, 2017 2:39 PM Author: orchid stage cumskin
*leans into mic*
In a profitability analysis by Fordham Journal of Corporate & Financial Law, it was determined that the average profit margin from seven publicly traded payday lending companies (including pawn shops) in the U.S. was 7.63%, and for pure payday lenders it was 3.57%. These averages are less than those of other traditional lending institutions such as credit unions and banks. Comparatively the profit margin of Starbucks for the measured time period was just over 9%, and comparison lenders had an average profit margin of 13.04%. These comparison lenders were mainstream companies: Capital One, GE Capital, HSBC, Money Tree, and American Express Credit.
Payday lenders aren’t charging outrageous interest rates so they can get fat off the profits. They’re charging outrageous interest rates because loaning money to poor people who often fail to pay back their loans is a hard business to break even on.
(http://www.autoadmit.com/thread.php?thread_id=3559783&forum_id=2#32881720) |
Date: March 21st, 2017 2:59 PM Author: Useless Corner
I only oppose these to the extent the lenders mislead the recipients about loan terms. There is a fair amount of lying that goes on at the payday loan level despite regs.
I don't oppose the high interest rates or the existence of payday loans though. The only access to credit for these sort of people will come at a high rate bc of the risk.
(http://www.autoadmit.com/thread.php?thread_id=3559783&forum_id=2#32881930) |
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