Hey, I'm on your side here. Let's deregulate everything and put a loan shark on every street corner. Actually, if we could create a tax to fund giving these loan sharks access to special loan collection "tools", that would be great. All I'm saying is, it'd be better than the current system, because the cycle of predatory lending would break after 1-2 trips around. And maybe a few kneecaps too.

Along with it, burn the person who came up with the business plan that revolves around giving loans to people who are not creditworthy.

The existence of payday loans and student loans is one of the main reasons why I find it difficult to see the USA as a civilized country.

This post was edited by Leevee on Jan 19 2018 11:23am

Do you think poor people do not benefit from small short term loans?
are any and all restrictions on these loans an inherently good thing for poor people, or is it possible for them to go too far?

You mean that thing that collapsed the housing market and caused the biggest US economic collapse since the Great Depression? Come on, I'm sure it'll be fine, it's not like anything bad could ever happen from doing that

Have you considered that there might be some pretty big differences between profitable business models around small payday loans vs the reasons for the recession?
Or do you think all loans to poor people with bad credit risks large scale economic collapse?

Generally, no. I think it just perpetuates or exacerbates their financial incompetence.

I think that directly depends on how many people are suckered into this debt trap. The larger that number is, the larger the risk is of another economic collapse, so you better hope for your sake that people stay far the fuck away from these companies.

I really do not think you need to educate people about the fact that one 2k short term loan has a lower impact on the economy than one 400k long term loan does. Regardless of that, though, giving a loan to a person who is not creditworthy enough for that loan should simply not be allowed. Creditworthiness isn't a gamble you take; it needs to be a near certainty.

Furthermore, the reason why payday loans are a bad thing is because it enables people in their bad money management. If somebody cannot afford a 2k purchase because payday hasn't arrived, they should know that they simply should save up more money. The payday loan won't help them; it's just procrastination of the fact that they need to cut some other expenses.

This post was edited by Leevee on Jan 19 2018 11:42am

Where do you think your 400% talking point comes from?

do you think there is anything wrong with the intent of trapping people in a cycle of debt extracting exorbitant returns on a loan?
you don't have to answer that, you're an ancap right? the answer is simply no which is all we need to avoid a pointless lengthy discussion