- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Just counseled someone stuck in the Pay day lending cycle
Posted on 4/10/15 at 2:20 pm
Posted on 4/10/15 at 2:20 pm
Its always been easy for me to feel superior financially and say "Play with snakes, you get bitten."
But a friend of a family member has been stuck in the Pay day loan cycle for four years. What initially began as "needing to pay rent" became "need a loan to pay loan." Looking at his check register, on that $750 initial loan, he has paid back over $8000 - outstanding balance was $900 - so I turned him to this program.
LINK
Bank Plus is loaning $1000 to get people out of the cycle - at a managable 5% interest rate regardless of credit score. If he pays what he had been paying, he'll be free and clear in just a couple months. If you know anyone in the cycle, try not to judge anymore and get them the help they need.
But a friend of a family member has been stuck in the Pay day loan cycle for four years. What initially began as "needing to pay rent" became "need a loan to pay loan." Looking at his check register, on that $750 initial loan, he has paid back over $8000 - outstanding balance was $900 - so I turned him to this program.
LINK
Bank Plus is loaning $1000 to get people out of the cycle - at a managable 5% interest rate regardless of credit score. If he pays what he had been paying, he'll be free and clear in just a couple months. If you know anyone in the cycle, try not to judge anymore and get them the help they need.
Posted on 4/10/15 at 2:58 pm to anc
I loathe those payday lending and car title loan places. They prey on the desperate and ill informed. Wish more people took the time and trouble to help others get out of this cycle the way you did. Kudos to you.
Posted on 4/10/15 at 3:11 pm to anc
I am in no way defending the payday loan industry, but, they lend money to people who can't get it otherwise. And yes, we can sit here and say "you don't need it that bad" but I try not to be judgemental.
I think this BankPlus program is awesome. I wish more banks did this. They probably will get tremendous loyalty out of this.
I think this BankPlus program is awesome. I wish more banks did this. They probably will get tremendous loyalty out of this.
Posted on 4/10/15 at 3:25 pm to anc
quote:
on that $750 initial loan, he has paid back over $8000
Payday loans are capped at $350 in almost every state in America. So, either you are lying to us, or he lied to you.
Posted on 4/10/15 at 3:51 pm to Ice Cream Sammich
Posted on 4/10/15 at 3:54 pm to I Love Bama
I was indeed completely wrong. I will leave my previous post for shaming. My apologies, OP.
Posted on 4/10/15 at 4:21 pm to anc
How much of the $8000 was paid with new loans?
Posted on 4/10/15 at 5:00 pm to anc
Bet he's back at the payday loan game by 2016
Posted on 4/11/15 at 11:17 am to yellowfin
quote:
Bet he's back at the payday loan game by 2016
This
If you really want to be helpful you'd keep tabs on him and counsel him regularly about finances. Most people who get into these situations aren't in them simply because they made a mistake, it's their total mindset about finances. Get him on the Dave Ramsey train. Although we can argue all day about if you like Dave Ramsey or not, his program is tailor made for people like this.
Posted on 4/11/15 at 11:55 am to rintintin
Unfortunately, most people aren't good with money. Some can improve their financial discipline many never will.
It's just like when people are overweight. Majority is due to the fact they eat too much and exercise infrequently.Still they don't change their intake or exercise patterns knowing full what is causing their condition.
It's really hard to change people's inability to delay gratification.
It's just like when people are overweight. Majority is due to the fact they eat too much and exercise infrequently.Still they don't change their intake or exercise patterns knowing full what is causing their condition.
It's really hard to change people's inability to delay gratification.
Posted on 4/11/15 at 12:32 pm to yellowfin
quote:
Bet he's back at the payday loan game by 2016
My first thought.
Posted on 4/11/15 at 2:24 pm to kaaj24
quote:
It's really hard to change people's inability to delay gratification.
I know this all too well with my gf. She's simply terrible with money. It wouldn't matter if she made $1000 or $1 million, she'll always be in the same financial position unfortunately.
She's at least gotten out of debt since we've been together, so that's progress. But "saving" is not in her vocabulary.
Posted on 4/11/15 at 4:19 pm to rintintin
My now wife wasn't good with money before marriage.
But she got on board (with a strong nudge) and now sees the power of having a plan and how powerful tiny steps are in accumulating wealth.
But she got on board (with a strong nudge) and now sees the power of having a plan and how powerful tiny steps are in accumulating wealth.
Posted on 4/11/15 at 4:25 pm to anc
Much like gambling or drinking, he'll be back stuck in the cycle.
Posted on 4/11/15 at 5:16 pm to kaaj24
My wife was great with money before we got married, now that there is so much more of it she can't understand why I insist on driving a car with 250000 miles on it.
Posted on 4/11/15 at 7:55 pm to anc
It surprising the people that get caught in the cycle and it is an extremely tough one to break out of. Hopefully this program helps people break the cycle and learn from their mistake, not present another short term fix.
Posted on 4/12/15 at 7:08 am to anc
I had the opportunity to see the financials of a small chain of payday loan stores about 5 years ago. They had 4 million loaned out in the previous year and pulled in 12 million gross.
Posted on 4/12/15 at 7:51 am to Creamer
Luckily my wife doesn't have much interest in seeing our total net worth or financial assets. I don't hide it but I would never voluntarily disclose it either.
I want us always to live below our means so we can retire earlier.
I want us always to live below our means so we can retire earlier.
Posted on 4/12/15 at 8:44 am to kaaj24
quote:
Luckily my wife doesn't have much interest in seeing our total net worth or financial assets. I don't hide it but I would never voluntarily disclose it either.
I want us always to live below our means so we can retire earlier.
Same here, but she is honest enough with herself to know that she makes horrid financial decisions.
Popular
Back to top
Follow TigerDroppings for LSU Football News