Comments about ‘Payday lenders caught in lie?’

It always depends on what numbers you want to look at and how you want to divide it up. You can make something from nothing or make something into nothing. It all depends on what you want the data to tell you.

If they're such a benign organization, why are 51% of our court cases (81% in Provo) all about collecting from customers of payday lenders?

These guys are nothing but sharks, preying on the poor and desperate. The fewer payday lenders are in business, then the better off we are as a society.

When do people become responsible for thier actions and NOT be bailed out by the goverment. Tax payers have to pay for studies that say people are irresponsible. Quit wasting taxpayer money.

So what's the median duration of the loans?

If Satan comes to Earth, he will be a lobbyist. People that have more power to influence our elected leaders than any constituent.

Seems like a simple case of understanding the differences between mean, median and mode.

Of the small claims filed in court, how many are awarded by default where the defendant is a no show? Most of the poor or users of payday lenders can't afford a lawyer to combat these pay day lenders and their lawyers so these awards are a reward to payday lenders who can then garnish a persons wages or income. Then these pay day lenders submit extraordinary expense to pursue the borrower in court that are unknown to those who borrow from them.

Perhaps the law and courts should limit what the payday lenders can sue for to the amount of loan plus loan interest only. Exclude all lawyer fees and business costs.

Like all loan shark businesses they are in it for the interest and other fees they can collect for non payment. Also include a minimum time limit for loans to a minimum of 35 days to better allow people to repay in a reasonable time frame. People borrowing money on a monthly pay cycle don't have the proper amount of time to repay which is unreasonable. Also, how much of the fees and terms and conditions are disclosed to borrowers?

A lot of these pay loans sharks are also pawn shops and heaven knows we need less of them. They are in too many cases worse citizens than those that steal items and sell them to pawn stores or cover the theft with 3rd & 4th party help. They prey off from the distressed and beaten down people in too many cases. Why not set up state and city run relief centers to take over and oversee these kind of transactions? There are alot of good quality people looking for employment that could be hired and put to work. Of course it would have to be run as a profitable business but not at 500% return, and stolen items could be confiscated more readily.

People lie, companies lie? Really now. It is time that the niave Utah legislators wake up.

Pay day lenders.
And all like them.
By their very existence, these bloodsucking leaches are caught in a lie.

when my son ran over his checking acount by $2 the bank charged him $35 dollars and I do not see any organizations coming to his aid about exhorbitant fees. Oh that's right they are an established institution in the community so that is OK.

All that I see about this industry is everyone focusing and complaining about the problem instead of starving it and feeding the solution. Educating people on how interest works and living outside of your means causes people to become a slave of these payday lenders!

Why is it a surprise that loan sharks lie?

They have Frank and Shurtleff and the republican party on their side. We pay for the court costs through our taxes to make a few people rich and finance their politcal campaigns. Tony Soprano would love it here in Utah.

Please do not throw out the baby with the bath water. Having worked in a recovery office for a lender in another State, I can confirm that most people who use Payday Loan Centers do pay them on time. The Payday Lenders would like them to extend the loans to the extent allowed by law. When comparing the amount charged by Payday Lenders (in NV limited to $8 per $100 per week) the amounts seem high on an APR comparison but if you calculate what a regular bank charges in fees and charges to cover the same amount in overdrafts it is only about one-third. Payday lenders do not have the same requirements for banks to open accounts so they provide convenience as well. Payday lenders have also kept alot of people employed as well.

Banks only lend to white rich educated male. Those of you who talk of 400% interest rate would never take the yearly rate when getting a hotel room, which would be something like $150,000 for the hotel room. No the nightly rate is $129, noboby pays the yearly rate. I borrow $50 at 10 percent and the interest is $5. Better than stealing or robbing a bank which is also increasing if you haven't notice. This is a free country---free capitolist country. Pay Day lenders help fill a void. Banks only lend to the perfect---what of the other people of society?

I agree with flatlander. Deseret First's "member fees" are nothing more than a HIGH, really high, interest rate. Over draft fees are the same. When a financial institution purposely posts automatic withdrawals BEFORE posting automatic deposits that come in at the same time - that's wrong! When a financial institution charges you a $25 or $35 fee because your account was "overdrawn" by $2, $20, or $200 for 2 minutes because they chose to post a withdrawal before a deposit - that's wrong! Banks and Credit Union practices should be the ones being studied! I've been with DFCU for 13 years and they started this posting practice a few years ago. We've had several conversations about not only the legality of it, but the morality of it. At the very least, it contradicts normal accounting practices. Their reason for doing so is clear - they want to make money at the expense of character, decency, and their customer.

What would Christians do?

If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest. (Exodus, 22:25

And if thy brother be waxen poor, and his means fail with thee; then thou shalt uphold him: as a stranger and a settler shall he live with thee. Take thou no interest of him or increase; but fear thy God; that thy brother may live with thee. Thou shalt not give him thy money upon interest, nor give him thy victuals for increase. (Leviticus, 25:35

"But love ye your enemies, and do good, and lend, hoping for nothing again; and your reward shall be great". Many interpret this as condemning usury, while others see it as a call to personal altruism and not a general prohibition on usury, which they see as a wise business practice that is not referenced in this verse. Luke 6:35

Why don't they just take the median instead of the average? That would eliminate any statistical anomolies either high or low. Did these people take statistics in College?

Does Pignanelli lie? He claims that a few borrowers skew the data. But if 100 borrowers paid within 14 days and only ten took six months to pay(180 days) the average would still be less than the 31 days average that he disputes.