Comments on: WHY BANKS & CREDIT UNIONS HATE PAYDAY LOANS http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/ Payday Loan Industry News & Developments a Resource Wed, 07 Jan 2009 00:41:31 +0000 http://wordpress.org/?v=2.6.2 By: admin http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-127 admin Wed, 01 Oct 2008 00:15:13 +0000 http://paydayloanindustryblog.com/?p=20#comment-127 Steves, Can you explain "Savings achieved by states that enforce interest rate caps"? Sorry man, I don't get it. Savings? On what? Compared to what? What does this mean? Where did these stats come from? Appreciate it! Steves,

Can you explain “Savings achieved by states that enforce interest rate caps”?

Sorry man, I don’t get it.

Savings? On what? Compared to what? What does this mean? Where did these stats come from?

Appreciate it!

]]> By: steves http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-125 steves Tue, 30 Sep 2008 18:13:12 +0000 http://paydayloanindustryblog.com/?p=20#comment-125 LET’S SAY YOU NEED A $300 LOAN With many bank or credit union loans, or even credit card advances you pay $3 every 2 weeks or less! That’s 26% APR! After 20 weeks, you’ve paid $30 If you borrow from a payday lender, You pay at least $45every 2 weeks! That’s 390% APR! After 20 weeks, you’ve paid $450 AND YOU STILL OWE THE ORIGINAL $300 LOAN! No partial payments are allowed on most payday loans. You pay it off or pay the fee. That’s the trap. LET’S SAY YOU NEED A $300 LOAN
With many bank or credit union loans, or even credit card advances you pay
$3 every 2 weeks or less!
That’s 26% APR!
After 20 weeks, you’ve paid
$30
If you borrow from a
payday lender,
You pay at least
$45every 2 weeks!
That’s 390% APR!
After 20 weeks, you’ve paid
$450

AND YOU STILL OWE THE ORIGINAL $300 LOAN!
No partial payments are allowed on most
payday loans. You pay it off or pay the fee.
That’s the trap.

]]> By: steves http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-124 steves Tue, 30 Sep 2008 18:10:40 +0000 http://paydayloanindustryblog.com/?p=20#comment-124 Savings achieved by states that enforce interest rate caps Connecticut $64 million District of Columbia (new cap) $12 million Georgia $147 million Maine $25 million Maryland $97 million Massachusetts $119 million New Jersey $150 million New York $345 million North Carolina $153 million Oregon (new cap) $65 million Pennsylvania $234 million Vermont $12 million West Virginia $36 million Total $1.5 billion Savings achieved by states that enforce interest rate caps

Connecticut $64 million

District of Columbia (new cap) $12 million

Georgia $147 million

Maine $25 million

Maryland $97 million

Massachusetts $119 million

New Jersey $150 million

New York $345 million

North Carolina $153 million

Oregon (new cap) $65 million

Pennsylvania $234 million

Vermont $12 million

West Virginia $36 million

Total $1.5 billion

]]> By: Payday leads http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-108 Payday leads Fri, 19 Sep 2008 05:43:39 +0000 http://paydayloanindustryblog.com/?p=20#comment-108 You hit the nail on the head. Payday loans are much, much cheaper than bounced check fees or overdraft protection fees. You hit the nail on the head. Payday loans are much, much cheaper than bounced check fees or overdraft protection fees.

]]> By: paydayloanindustryblog.com » Blog Archive » Payday Loan Industry, Advance America Payday Loans http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-71 paydayloanindustryblog.com » Blog Archive » Payday Loan Industry, Advance America Payday Loans Fri, 15 Aug 2008 03:03:30 +0000 http://paydayloanindustryblog.com/?p=20#comment-71 [...] Bottom line, when the car requires repair, or the lights are about to be turned off, or you need cash to pay for a presciption, or, or, or… The payday loan product fills the need. And it has certainly been proven that a $15 fee per $100 loaned is still a better deal than bounced check charges or overdraft fees.Why Banks Hate Payday Loans [...] [...] Bottom line, when the car requires repair, or the lights are about to be turned off, or you need cash to pay for a presciption, or, or, or… The payday loan product fills the need. And it has certainly been proven that a $15 fee per $100 loaned is still a better deal than bounced check charges or overdraft fees.Why Banks Hate Payday Loans [...]

]]> By: bloggingzoom.com http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-66 bloggingzoom.com Sun, 10 Aug 2008 18:54:18 +0000 http://paydayloanindustryblog.com/?p=20#comment-66 <strong>Why Banks and Credit Unions Hate Payday Loans...</strong> Article describes the real reasons banks, credit unions and so-called consumer protectionists hate the payday loan industry. Follow the money! It's not about protecting consumers. It's about the cash! 18% of a banks NET PROFIT and 60% of a credit uni... Why Banks and Credit Unions Hate Payday Loans…

Article describes the real reasons banks, credit unions and so-called consumer protectionists hate the payday loan industry. Follow the money! It’s not about protecting consumers. It’s about the cash! 18% of a banks NET PROFIT and 60% of a credit uni…

]]> By: faxless paydayloans http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-63 faxless paydayloans Thu, 07 Aug 2008 02:57:14 +0000 http://paydayloanindustryblog.com/?p=20#comment-63 A payday loan is a short-term loan to cover your spending needs. It is secured against your future paycheck. These loans have grown in popularity for years, and now this is the main tool of assistance to get you out of that sticky situation or get you that new luxury toy. A payday loan is a short-term loan to cover your spending needs. It is secured against your future paycheck. These loans have grown in popularity for years, and now this is the main tool of assistance to get you out of that sticky situation or get you that new luxury toy.

]]> By: paydayloanindustryblog.com » Blog Archive » Payday Loan Legislators Just don’t Understand Us! http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-49 paydayloanindustryblog.com » Blog Archive » Payday Loan Legislators Just don’t Understand Us! Sun, 03 Aug 2008 04:31:26 +0000 http://paydayloanindustryblog.com/?p=20#comment-49 [...] paydayloanindustryblog.com Payday Loan Industry News & Developments a Resource « WHY BANKS & CREDIT UNIONS HATE PAYDAY LOANS [...] [...] paydayloanindustryblog.com Payday Loan Industry News & Developments a Resource « WHY BANKS & CREDIT UNIONS HATE PAYDAY LOANS [...]

]]> By: Jer http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-48 Jer Wed, 30 Jul 2008 21:40:05 +0000 http://paydayloanindustryblog.com/?p=20#comment-48 This payday loan industry STATS Report should be forwarded to every regulator, legislator, payday loan operator and "consumer protectionist - I know what's best for everyone" do-gooder on the planet! This payday loan industry STATS Report should be forwarded to every regulator, legislator, payday loan operator and “consumer protectionist - I know what’s best for everyone” do-gooder on the planet!

]]> By: admin http://paydayloanindustryblog.com/why-banks-credit-unions-hate-payday-loans/#comment-44 admin Sat, 26 Jul 2008 01:43:17 +0000 http://paydayloanindustryblog.com/?p=20#comment-44 Steve, You missed the really fantastic convention in the Bahamas on Paradise Island at the Atlantis Hotel! It was unreal!! Oh, and the Credit Union Convention was in the same hotel. Do you think all those overdraft fees may have paid their bar tab? Steve,

You missed the really fantastic convention in the Bahamas on Paradise Island at the Atlantis Hotel! It was unreal!!

Oh, and the Credit Union Convention was in the same hotel. Do you think all those overdraft fees may have paid their bar tab?

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