Comments on: 28% Payday Loan Rate is Too Much For Consumers and Companies http://www.videocreditscore.com/payday-loan-rate-ohio/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: AClark http://www.videocreditscore.com/payday-loan-rate-ohio/#comment-188 AClark Thu, 13 Nov 2008 22:19:01 +0000 http://www.videocreditscore.com/?p=936#comment-188 You can still go to your friends and family to ask to borrow money. Mine come to me on a regular basis. With that said, many people don't want to ask others to borrow money. Would you loan a stranger $100 for two weeks if they paid you $1.08? If that stranger doesn't repay the loan, then you have to do 92 1/2 more loans just to make up your loss, hoping that all of those people repay you as agreed. It's a business model that just doesn't work. In an economy where the federal government is giving the banks taxpayer dollars so the banks will loan the money back out to those same taxpayers, why do you want to take a credit option away from people who just want a small loan for a short period of time? The banks won't make this type of loan, they'll just charge overdraft and bounced check fees, which can be more expensive. The fees and the amount of the overdraft will be paid on the customer's next payday. Someone needs to explain to my why that isn't considered a payday loan. You're borrowing money from the bank until you get paid, but they're not disclosing an APR that is higher than the amount charged by any storefront payday lender. We used to get by without cars, planes, the intenet, television, refrigerators, and a whole host of other products and services. Just because we can make do without doesn't mean we should take away the choices now that they're available to us. You can still go to your friends and family to ask to borrow money. Mine come to me on a regular basis. With that said, many people don’t want to ask others to borrow money. Would you loan a stranger $100 for two weeks if they paid you $1.08? If that stranger doesn’t repay the loan, then you have to do 92 1/2 more loans just to make up your loss, hoping that all of those people repay you as agreed. It’s a business model that just doesn’t work.

In an economy where the federal government is giving the banks taxpayer dollars so the banks will loan the money back out to those same taxpayers, why do you want to take a credit option away from people who just want a small loan for a short period of time? The banks won’t make this type of loan, they’ll just charge overdraft and bounced check fees, which can be more expensive. The fees and the amount of the overdraft will be paid on the customer’s next payday. Someone needs to explain to my why that isn’t considered a payday loan. You’re borrowing money from the bank until you get paid, but they’re not disclosing an APR that is higher than the amount charged by any storefront payday lender.

We used to get by without cars, planes, the intenet, television, refrigerators, and a whole host of other products and services. Just because we can make do without doesn’t mean we should take away the choices now that they’re available to us.

]]> By: Jared http://www.videocreditscore.com/payday-loan-rate-ohio/#comment-157 Jared Thu, 06 Nov 2008 16:34:43 +0000 http://www.videocreditscore.com/?p=936#comment-157 awjolls, It costs more than $1.08 per one hundred just in third party fees alone to do a payday loan. Guess what, I am not a payday lender. In fact I own a company called YadYap (payday spelled backwards) that is close to launching a peer-to-peer payday loan platform. This website will allow lenders (everyday people) to bid on borrowers short term loan requests. Our goal is to get loan rates as low as the market will possibly allow. We hope to create a social connection between borrowers and lenders, and make it a win/win for both sides. Please visit our website that has a link to our blog to get more information. awjolls,

It costs more than $1.08 per one hundred just in third party fees alone to do a payday loan. Guess what, I am not a payday lender. In fact I own a company called YadYap (payday spelled backwards) that is close to launching a peer-to-peer payday loan platform. This website will allow lenders (everyday people) to bid on borrowers short term loan requests. Our goal is to get loan rates as low as the market will possibly allow. We hope to create a social connection between borrowers and lenders, and make it a win/win for both sides.

Please visit our website that has a link to our blog to get more information.

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