Australian Politics Forum - A Typical Payday Loan Has A Intrest Rate Of 400 PC

gizmo_2655 Gold Member Offline Australian Politics Posts: 16010 South West NSW Gender:	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #45 - Oct 31^st, 2011 at 1:35pm Annie Anthrax wrote on Oct 31^st, 2011 at 1:34pm: Do you have children? Me?? No, not at least that I'm finacially responsible for, anyway... Just me, the cat, and my habits..
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Annie Anthrax Gold Member Offline Posts: 7062 Gender:	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #46 - Oct 31^st, 2011 at 1:38pm Making ends meet with children would be much harder. For families with kids, wouldn't the money taken in extreme interest and fees be better spent on school supplies?
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gizmo_2655 Gold Member Offline Australian Politics Posts: 16010 South West NSW Gender:	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #47 - Oct 31^st, 2011 at 2:05pm Annie Anthrax wrote on Oct 31^st, 2011 at 1:38pm: Making ends meet with children would be much harder. For families with kids, wouldn't the money taken in extreme interest and fees be better spent on school supplies? True, but with kids the amount is higher...
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Sir lastnail

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #48 - Oct 31^st, 2011 at 3:05pm

gizmo_2655 wrote on Oct 31^st, 2011 at 12:13pm:

Sir lastnail wrote on Oct 31^st, 2011 at 12:12pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 11:19am:

Sir lastnail wrote on Oct 31^st, 2011 at 11:13am:

gizmo_2655 wrote on Oct 31^st, 2011 at 10:55am:

Well, in order to get those loans, he must have been able to prove that he could afford to repay them....

If he said that he could, when he actually couldn't, how is it Cash Converters fault??? ( other than not realising he hadn't repayed the last one)...

what is the proof then ??

Have you ever applied for a loan, either short or long term, nails??

The first question they ask is "can you afford the repayments?"......the standard is that the repayments cannot be more than 1/3 of your income....

Even the Centrelink advances use that formula......and the rate is $75.00 per month on a $500 amount, repaid over 9 months (which means you repay $675.00)

Granted, the company shouldn't have allowed so many......if the situation is THAT bad, he must have defaulted on at least some of the earlier ones, or had trouble repaying them....

And that guy would have said "sure I can afford the repayments. Being on a disability support pension means that I can have a holiday each week" !!

Quite possibly...Some people DO make those statements....either through ignorance or intent...It happens....

And cashconverters still obliged him with the loans even though he was on a disability pension !!

Like I said cash converters makes Shylock look like a nice guy !!

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gizmo_2655

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #49 - Oct 31^st, 2011 at 4:46pm

Sir lastnail wrote on Oct 31^st, 2011 at 3:05pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 12:13pm:

Sir lastnail wrote on Oct 31^st, 2011 at 12:12pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 11:19am:

Sir lastnail wrote on Oct 31^st, 2011 at 11:13am:

gizmo_2655 wrote on Oct 31^st, 2011 at 10:55am:

Well, in order to get those loans, he must have been able to prove that he could afford to repay them....

If he said that he could, when he actually couldn't, how is it Cash Converters fault??? ( other than not realising he hadn't repayed the last one)...

what is the proof then ??

Have you ever applied for a loan, either short or long term, nails??

The first question they ask is "can you afford the repayments?"......the standard is that the repayments cannot be more than 1/3 of your income....

Even the Centrelink advances use that formula......and the rate is $75.00 per month on a $500 amount, repaid over 9 months (which means you repay $675.00)

Granted, the company shouldn't have allowed so many......if the situation is THAT bad, he must have defaulted on at least some of the earlier ones, or had trouble repaying them....

And that guy would have said "sure I can afford the repayments. Being on a disability support pension means that I can have a holiday each week" !!

Quite possibly...Some people DO make those statements....either through ignorance or intent...It happens....

And cashconverters still obliged him with the loans even though he was on a disability pension !!

Like I said cash converters makes Shylock look like a nice guy !!

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

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"I just get sick of people who place a label on someone else with their own definition.

It's similar to a strawman fallacy"
Bobbythebat

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Sprintcyclist

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #50 - Oct 31^st, 2011 at 5:03pm

Sir lastnail wrote on Oct 31^st, 2011 at 10:41am:

Cash Converters makes Shylock look like a nice guy Wink

Can you believe that Cash Converters is a publicly listed company on the Australian Stock Exchange !!

Just remember that the next time you walk into a Cash Converters store and see a second hand drill 3 times the price of what you can buy a new one in Bunnings Cheesy

LOL

Quote:

Cash Converters International (CCV) is a franchised retail network listed on the ASX and London Stock Exchange. It specialises in the sale of second-hand goods. The Cash Converters group employs modern retailing practices, professional management techniques and high ethical standards to the management of its stores throughout the chain which appeal to a wide cross section of the community. As a result, Cash Converters has been able to position its outlets as credible retail merchandise stores, resulting in a profitable market for the group.

The range of services offered by Cash Converters stores around the world varies with pawn-broking loans available in selected markets, as well as a personal finance business that operates, in various forms in the micro-lending category around the world.

yes, if you deal with any pawn shop, you have lost big time.

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Modern Classic Right Wing

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Sir lastnail

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #51 - Oct 31^st, 2011 at 5:40pm

gizmo_2655 wrote on Oct 31^st, 2011 at 4:46pm:

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

if he has collateral such as a home or car they will lend him money for sure even if they know he can't possibly pay it back. Then they will get it back plus interest by getting control of his home and selling it on him and before long he will be out on the street after they have stolen what they need Sad

That's how those scumbags work Sad

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gizmo_2655

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #52 - Oct 31^st, 2011 at 5:55pm

Sir lastnail wrote on Oct 31^st, 2011 at 5:40pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 4:46pm:

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

if he has collateral such as a home or car they will lend him money for sure even if they know he can't possibly pay it back. Then they will get it back plus interest by getting control of his home and selling it on him and before long he will be out on the street after they have stolen what they need Sad

That's how those scumbags work Sad

Sorry nails...If the guy lie to the loaner, then it's really HIS problem...
If I (e.g) tell a loan company that I 'can' repay the loan..(even if I can't) who is in the wrong, me or the loaner???

Lying to the company that's giving me the cash really does mean it's MY fault, not their's.....

It still works under the idea of personal responsibility...

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"I just get sick of people who place a label on someone else with their own definition.

It's similar to a strawman fallacy"
Bobbythebat

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gizmo_2655 Gold Member Offline Australian Politics Posts: 16010 South West NSW Gender:	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #53 - Oct 31^st, 2011 at 5:58pm If I say that I CAN repay $100 per fortnight, but actually can only repay $20 per fortnight....who is wrong???
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Uncle Gold Member Offline Australian Politics Posts: 688	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #54 - Oct 31^st, 2011 at 6:51pm I dips me lid Gizmo
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qikvtec Gold Member Offline Australian Politics Posts: 1846 Queensland	Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC Reply #55 - Oct 31^st, 2011 at 7:00pm Annie Anthrax wrote on Oct 31^st, 2011 at 10:47am: Quote: Critics say that a typical payday loan has an annualised interest rate of more than 400 per cent. That's criminal. Especially in Queensland.
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qikvtec

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #56 - Oct 31^st, 2011 at 7:19pm

Annie Anthrax wrote on Oct 31^st, 2011 at 11:02am:

It is Cash Converters fault that they charge such exorbitant interest to desperate people.

AA there are several issues here; firstly I'm of the opinion that this type of lending should be banned.

The price reflects the risk; let's face it the odds of losses are pretty short.

The fact this type of lending exists underscores wider spread problems, not least of which is a complete lack of financial nous amongst the general population perpetuated by an education system that fails to address financial education in any fashion.

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Politicians and Nappies need to be changed often and for the same reason.

One trouble with political jokes is that they often get elected.

Alan Joyce for PM

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gizmo_2655

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #57 - Oct 31^st, 2011 at 8:53pm

Sir lastnail wrote on Oct 31^st, 2011 at 5:40pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 4:46pm:

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

if he has collateral such as a home or car they will lend him money for sure even if they know he can't possibly pay it back. Then they will get it back plus interest by getting control of his home and selling it on him and before long he will be out on the street after they have stolen what they need Sad

That's how those scumbags work Sad

In reality. if he'd had collataral, like a house or car...he would have scored the usual rate of 6.75% or 8.50%....
Unsecured loans are always at a higher rate of interest than secured loans...

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"I just get sick of people who place a label on someone else with their own definition.

It's similar to a strawman fallacy"
Bobbythebat

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Sir lastnail

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #58 - Nov 1^st, 2011 at 10:43am

gizmo_2655 wrote on Oct 31^st, 2011 at 5:55pm:

Sir lastnail wrote on Oct 31^st, 2011 at 5:40pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 4:46pm:

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

if he has collateral such as a home or car they will lend him money for sure even if they know he can't possibly pay it back. Then they will get it back plus interest by getting control of his home and selling it on him and before long he will be out on the street after they have stolen what they need Sad

That's how those scumbags work Sad

Sorry nails...If the guy lie to the loaner, then it's really HIS problem...
If I (e.g) tell a loan company that I 'can' repay the loan..(even if I can't) who is in the wrong, me or the loaner???

Lying to the company that's giving me the cash really does mean it's MY fault, not their's.....

It still works under the idea of personal responsibility...

where is the proof that he lied ??

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"If you take out Saddam, I guarantee you that it will have enormous positive reverberations on the region..." - Benjamin Netanyahu in 1995

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Sir lastnail

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Re: A Typical Payday Loan Has A Intrest Rate Of 400 PC
Reply #59 - Nov 1^st, 2011 at 10:45am

gizmo_2655 wrote on Oct 31^st, 2011 at 8:53pm:

Sir lastnail wrote on Oct 31^st, 2011 at 5:40pm:

gizmo_2655 wrote on Oct 31^st, 2011 at 4:46pm:

In truth, NO, that was a problem....Any 'honest' loan company should not have given him that many loans.....especailly if he'd failed to repay the first few loans....You need to understand that if he'd failed to repay the first 5 or 10 loans, why would they have allowed the next few ones...
So YES, Cash Converters DID do the wrong thing.....

If anyone had a problem with repaying the first 15 or 20 loans why would you give the NEXT 10 or 20 loans???

if he has collateral such as a home or car they will lend him money for sure even if they know he can't possibly pay it back. Then they will get it back plus interest by getting control of his home and selling it on him and before long he will be out on the street after they have stolen what they need Sad

That's how those scumbags work Sad

In reality. if he'd had collataral, like a house or car...he would have scored the usual rate of 6.75% or 8.50%....
Unsecured loans are always at a higher rate of interest than secured loans...

so cash converters would have given him a better deal if he owned his own home Cheesy

LOL

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"If you take out Saddam, I guarantee you that it will have enormous positive reverberations on the region..." - Benjamin Netanyahu in 1995

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