Payday Lending

Feds Know What's Best For Your Personal Finances

Cracking down on payday lending

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As James Bond once asked, why is it that people who can't take advice always insist on giving it?

The federal government is $19 trillion in debt, yet last week the nation's newest major regulatory agency tossed out 1,300 pages of new rules for the payday lending industry and it did so, we are told, because it is worried about Americans getting into too much debt and being unable to repay.

That's rich.

The new rules issued by the Consumer Financial Protection Bureau (CFPB) will send shock waves through the payday lending industry, likely forcing about 85 percent of storefront payday lenders to shut their doors. But who would shed a tear at the possible demise of that neon-tinged, usurious industry, where people who don't have any money or credit to begin with can get a small amount of cash if they agree to outlandish interest terms.

Certainly not CFPB Director Richard Cordray.

"Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt," Cordray said in a statement announcing the new rules. "It's much like getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey."

You would think that a guy who once edited the University of Chicago Law Review would know his way around an analogy, but apparently not, because that's a terrible one.

No one is walking into a payday loan shop to borrow $300 and coming out of it saddled with a 30-year mortgage.  And how often has anyone gotten into a taxi to go across town and discovered that they are actually being kidnapped, driven across the country and then forced to pay for the trip? Is this a thing that happens?

But if you forget the second half of it, the analogy almost makes sense, because payday loans are kind of like a taking a taxi: you know you're probably getting charged too much, but sometimes you decide that it's worth it because you don't have any better options (don't drink and drive, kids).

Which is exactly the point: Value is subjective. To one person, a $30 taxi ride across town makes sense, while other people will choose to walk/take the bus/stay home. Individuals have to make that decision based on their individual circumstances.

Yes, using payday loans isn't cheap and certainly is not a sound long-term financial strategy—neither is taking a taxi across town every single day.  Like taxis, no one should be relying on them on a regular basis.

That being said, there are times when people need a quick infusion of cash and can't get it anywhere else. Forcing those lenders out of business does not change that—some people will, on occasion, need the services of a payday lender, whether they continue to exist or not.

What are those people supposed to do now?

Some of them will be forced to turn to government-subsidized credit unions—and some of those institutions have been lobbying for the CFPB to crack down on payday lenders, as Watchdog.org reported last week—and other people will simply be left with fewer options when they face a personal financial crisis.

Forcing most of the payday lending industry into extinction does not solve that underlying problem.

Much of CFPB's narrative about payday lending—a narrative that has been dutifully picked up by the media—should get a little bit of scrutiny. According to the CFPB, the entire payday loan business is basically a scam where businesses target individuals least likely to be able to repay their loans and the only solution is a strong application of government power.

As Norbert Michel of the Heritage Foundation noted last week, it doesn't take a graduate degree in finance to figure out that's not a solid long-term business strategy.  Payday lenders who don't get repaid aren't going to make money and aren't going to stay in business.

Yes, there are some people who can't repay their loans and do indeed get trapped in this "cycle of debt" that we keep hearing so much about.  And everyone should think carefully before taking out any loan, especially when we're talking about a loan with an interest rate of triple digits.

People should also be aware of the alternatives to payday loans, and anyone who is already in over their head should take advantage of credit counseling.

But let's not pretend that the government is helping people by shutting down the payday loan industry. It's helping crony capitalists who want to horn in on the business.

And, remember, this is financial advice—although, calling a federal fiat "advice" is really being too kind to federal fiats—coming from an institution $19 trillion (and counting) in the red.

To revisit Cordray's taxi metaphor, consider this: If the government decided that taxis were taking advantage of people with fares that were too expensive and passed regulations to shut down 85 percent of the taxi companies in New York City, what would happen?

Sure, the streets would be emptier and the government would probably pat itself on the back for saving people from paying $50 to go 10 blocks—but there would still be people who need a way to make that trip and now they have fewer options.

When the government decides to decide for you, it means you don't get to decide for yourself. That's life in the Nanny State.

This article originally appeared at Watchdog.org.

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87 responses to “Feds Know What's Best For Your Personal Finances

  1. “What are those people supposed to do now?”

    Bloods and Crips with financial support fromtge Cartels will appeciate the new busiess opportunity Cordray is giving them. That will especially help in those states where pot is now legal which is no doubt severely depleting their weapons funds.

    1. Plus the media will have a new story line rather than the same boring old gang killing due to drugs.

    2. Colorado bikers gangs. Legal, cheap, medical-grade recreational MJ has been ruinous for them.

      1. They’ll probably move to Kansas who will then blame Colorado and demand that they outlaw pot again. Just like states with excessive gun regulations that don’t work do.

        1. The Galloping Goose and Mongols gangs have had their territory slowly pushed East for the last decade or so, nearly to the Mississippi River. If they decied to cross that particular Rubicon and instigate conflict with other organized crime outfits things may get messy.

          I’m for all drug legalization but it would be foolish to think gangs competing for an increasingly limited amount of territory won’t ramp up violence in order to control the remaining market.

  2. They stopped fighting the War on Poverty and started fighting the War on Poors. We can’t let the inferiors make their own choices when they just use that ability to make choices of which their betters do not approve.

    SHUT UP.

    SIT STILL.

    STAY SAFE.

    1. 19…. 19…. 1984.

    2. Progressives hate war.

      Except war on personal vices. Then it’s perfectly alright to destroy communities and lives for the greater good.

      The irony where progressives are concerned is early on they were mostly religious (given their hatred of evangelicals on the right and religion in general) in their outlook and then secularized (applying science to their schemes – ie eugenics) to make it more palpable to the masses. But all we got was a hideous hybrid of the two. The idea of a ‘super race’ we saw with the Nazis (GODWIN!) had its roots in left-wing progressive thought; not right-wing.

      1. war on personal vices

        Ji…. Ji…. Jihad.

      2. No, what they hate is violence. They don’t mind overwhelming force that causes 1 side to surrender w/o a fight. They don’t really care which side is in the right, or indeed if either side is.

      3. Progressives love war. Look at LBJ and the Vietnam war, and Obama’s creation of ISIS and his overthrow of Gaddafi, just to name a few. Progressives just hate wars that are in our national interest, or anything spearheaded by a republican.

        Even though they screamed and botched about Iraq, the second Obama took office they abandoned the auto-war movement and threw Cindy Sheehan away like rotting garbage.

        1. Yeah they especially love nation-building and installing democracies. That new goal was a big move to the left for Bush.

        2. I have a problem with “created ISIS”. ISIS is simply the latest progression of jihadism in and islamic region that is getting less civilized, not more.

      4. It’s not that progressives hate “evangelicals on the right and religion in general,” but that they hate white evangelicals and white Christians in general, while being just fine with brown & black people being evangelical, Christian, or just religious in general. It’s basic racism: “It’s just fine for childlike non-whites to be believers, but white people ought to know better. White people ought to have outgrown such silly superstitions, leaving such things to their racial inferiors (the poor dears).”

        Otherwise people like Mike Huckabee would be natural members of the Democratic Party, slotting in right beside Jesse Jackson and Al Sharpton.

  3. I met Cordray when he was first running for political office in the Ohio House. I was over at my parents on a hot summer day cutting their grass and he was walking around the neighborhood in a suit and tie soliciting votes. I don’t really remember the conversation but I remember that he looked like he was in high school.

    1. This is what you report back to us?

      You could have at least embellished it.

      Don’t you know us by now? We want ENTERTAINMENT.

      1. So while we’re talking on the sidewalk, I notice these whores in the back yard stealing lemons…

        1. Those lemon stealing whores are back? I disn’t insure my lemon tree yet!!

      2. When Ed Koch was 1st running for mayor of NYC, I crossed White Plains Rd. at Lydig Ave. w him & his entourage (of 1 or 2). 1 of them yelled, “Come meet your next mayor, Ed Koch.” 1 person came up & shook his hand. Because that time, everybody & their cousin was running in the Democratic primary for mayor, so what were Koch’s odds?

        1. Forgot to mention, we crossed vs. the light. How’s that for political insight & incisive commentary? Embellished w the truth!

          1. NYC should be sealed off from humanity. For the benefit of everyone not in NYC.

            1. Not even Snake Pliskin would venture in, if we did that. Besides, I think he’s dead.

  4. “But let’s not pretend that the government is helping people by shutting down the payday loan industry. It’s helping crony capitalists who want to horn in on the business.”

    B-i-n-g-o and bingo was his name-o!

    Didn’t the resident token White-Native High Cheek Bones have a say in this ‘for the children’ crackdown?

  5. Won’t a lot of people who use payday lenders just go to loansharks? Their problem will go from a cycle of debt to a cycle of brutal beatings.

    1. See my first and second comments

      1. Third time’s the charm!

    2. They’re bumping off payday lenders in favor of ludicrously high APR credit cards. *Someone* is going to soak up demand for financial liquidity, and it’s probably going to be the banks.

      1. Bingo. CFPB is handing a gift-wrapped present to the big banks. Welcome to regulatory capture.

    3. Know how much the government charges on late payments/penalties?

      19.99%.

      Apparently that’s not usury.

      1. Defaulting on your loans is breaking a contract. Defaulting on your civil obligations is breaking the social contract.

    4. They might go to loansharks. They might also get desperate and steal the money from somewhere. Or they might just let their expenses go unpaid, leading to a utility shut-off or eviction.

      When “progressives” see poor people who are stuck with shitty options, they just think to themselves, “if we outlaw those shitty options, the poor people will just move on up to the next option!”

      They see poor people taking payday loans, and they think they’ll just drive those establishments out of business and the poor people will automatically get some better loan with lower interest. They see poor people living in dirty, cramped apartments, so they put building codes in that require all apartments to be up to a certain quality standard. They see poor people working minimum wage jobs, and they think they can just increase the minimum wage and make them better off.

      But here in reality, those measures don’t work. When you outlaw a shitty option, they don’t move up to the next best option – they just have no option at all. The result is that poor people cannot get loans, housing that they can actually afford, or even a job.

      If poor people could qualify for a low-interest loan, afford a nice apartment, or command a high wage in the labor market, why didn’t they just do that before?

  6. “Too many borrowers seeking a short-term cash fix money for college are saddled with loans they cannot afford and sink into long-term debt,” Cordray said in a statement announcing the new rules. “It’s much like getting into a taxi just to ride across town an elevator to rise up the economic ladder and finding yourself stuck in a ruinously expensive cross-country journey the basement.”

    But I’m sure the feds can plan short-term emergency financing better than their college loan scam.

    1. There is really nothing that won’t be made worse with government involvement.

    2. I was going to say, “Don’t worry about the closed shops, those newly unemployed will be eligible for easy student loans to help them find a new, less parasitical careers at your expense.”

      1. Probably many of them will go into even more parasitical careers, like public service.

  7. Some of them will be forced to turn to government-subsidized credit unions?and some of those institutions have been lobbying for the CFPB to crack down on payday lenders

    I worked for such a credit union in my early twenties. Our CEO was rabid about getting payday lenders shut down in favor of CU-sponsored “payday savings” loans, which were identical except a healthy portion of the interest and fees accrued were put into an account which would be disbursed when the borrower paid off their last payday loan, waited something like six months, met with a financial adviser, and completed a couple financial nannying courses online. There may have been a couple other requirements, but the result is very few people ever got their money back.

    1. The best part about it was the automatic freeze-out after a number of loans had been rolled over, so suddenly borrowers who had been (admittedly foolishly) relying on rolling payday credit were stuck with the loan and no more credit. So they’d go to a conventional payday lender and start the cycle again with another payment, and having violated the payday savings agreement, the CU pocketed the borrower’s share of the interest and fees.

      1. They’re not evil, but credit unions are not exactly non-profit institutions: they have to stay competitive, which means using interest profits to keep interest rates low and subsidize their promotions and whatnot. They cannot give away money, so they’re going to be inferior in terms of availability and convenience to traditional payday lenders, who accept as a matter of course a percentage of defaults and bake it into their margins. Such programs doubtlessly help people, but they’re not going to displace traditional lenders unless they’re able to lobby them out of existence.

        1. They’re not evil, but credit unions are not exactly non-profit institutions

          Few non-profit institutions are non-profit institutions. The folks at the top of The Salvation Army, Goodwill Industries and The United Way do very, very well for themselves.

      2. That is pretty sad. It’s not always easy to get out of that.

        1. There are plenty of genuinely stupid, financially illiterate people… like the son of a family friend who, despite having a steep truck payment and working seldomly, borrowed a couple grand at ~20% for expensive rims. Dumbfuck. Lumping all people relying on payday loans into the same class of idiots like that guy is insulting and unhelpful.

          1. Oh i agree. I don’t think the practice is inherently evil or wrong.

          2. Do the rims get repo’d separately?

          3. I knew a guy who would habitually overdraft his debit card on purpose because he discovered that you can still buy things even with no money in the account and they’ll just “charge you for it later”. He also reneged on a hospital bill because someone told him that there’s really nothing they can do to make you pay it. He was working at Taco Bell during most of this. He did get a much higher paying job at a factory, but he quit after three days because his back was sore and went back to Taco Bell.

            I know another guy who is a massive alcoholic. He’s a chef at a Japanese restaurant and actually makes decent money, but he spends it foolishly and lives in poverty as a result. He goes out to bars, drinks copiously, and buys other people a ton of expensive drinks. He also has a giant plasma screen TV and buys every new video game system as soon as it comes out. However, he lives in a dumpy apartment and rarely has money left over to pay his bills.

            It’s people like this that expose the whole “income inequality” narrative for the horseshit that it is.

          4. There are plenty of genuinely stupid, financially illiterate people… like the son of a family friend who, despite having a steep truck payment and working seldomly, borrowed a couple grand at ~20% for expensive rims.

            Some people deserve to get their legs broken.

  8. This is nothing but Chicago politics. The Obama administration doesn’t dislike high interest short term lenders. They just want to ensure their cronies at Google are the ones doing it. Google basically owns the Obama administration. And Google is all about the short term lending industry.
    http://www.wsj.com/articles/go…..1463650204
    GV, the venture-capital investment arm of Google’s parent company, Alphabet Inc., has been investing in online lender LendUp since before the startup launched in 2012. The company provided capital for every equity round LendUp has since done.

    Last week, Google announced it was banning payday-loan ads from its site in response to growing consumer-advocate concerns about the lending practice. The Consumer Financial Protection Bureau is expected to release proposed rules for the payday-loan industry this spring that could wipe out a large share of that industry.

    The CFPB defines payday loans as short-term loans, generally for $500 or less, that are typically due within 45 days. San Francisco-based LendUp offers those types of products, but says it is an alternative to payday lenders for several reasons including that it doesn’t charge early-payment penalties or roll over loans when borrowers don’t pay them back, practices common in the industry.?

    1. Let me guess: “growing consumer-advocate concerns” is Google’s equivalent to the EPA practice of suing itself through friendly environmentalist groups so it can expand its ambit of responsibilities.

      1. I think that is likely a very good guess.

  9. I lived in OH. So I’ve dealt with this guy. I had to pay his office for something once- I owed a college some money that should have been cancelled and refunded. His office had no problem charging me, a very poor person, around 40% interest, and then cashing my check and crediting someone else. Then a year later I got a collection notice. They attempted to collect the full balance plus interest plus another $400 or so fee on top of it. Eventually they found my “lost” payment but still wanted to charge me daily interest from the date the check was cashed. These were supposed to be the people that HELP if someone violates collection laws and they violated all over the place. Eventually it got figured out, but they were much worse than zombie debt buyers who routinely get sued and shut down.

    1. He’s woodchipper worthy then.

  10. “It’s much like getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey.”

    Is there some kind of award for Most Ironicly Unaware Comment? Because this one has to be in the running. Giving government a short list of specific enumerated powers and next thing you know you’re 19 trillion dollars in debt and the government has its tentacles crammed deep into every orifice of the body politic is exactly like getting into a taxi to ride across town and finding yourself stuck with paying for a ruinously expensive cross-country trip.

    1. Beyond that, the speaker is so unaware that he is not making the point he thinks he is. Yeah, taking a taxi cross country would be expensive and likely a bad idea, unless you really had to take the trip and that was the only option available. I actually know someone who did take a taxi on a cross country trip. They were stuck in Washington DC after 911 and had to be back in Texas for a trial. There was literally no other way to get back. All the rental cars were gone and every flight out of the city was canceled. So they hired a car and had them drive them at a cost of several thousand dollars. But doing that was still cheaper and preferable than not showing up at court.

      The same thing is going on with pay day loans. Yeah, the interest rates suck and anyone who can avoids them. But if the alternative to getting one is say missing your rent payment and being evicted, you take the loan. None of these assholes have any idea how life actually works or that sometimes a bad option is better than no option.

      1. You obviously have no idea how life works. If you end up a little short, you don’t deal with one of those vampire lenders. You just take a disbursement from your trust fund to pay for it.

        Jeez, you people are SO stupid. Next you’re gonna tell me that those other people in the private sector have to (shudder) PERFORM to keep their jobs.

  11. As long as it helps one family become homeless…

    Think of the children. They deserve to live in a nice park. At least until it closes.

  12. So, how are those credit unions? Are they a rip-off, relatively speaking?

  13. I was at the field hearing in Kansas City last week. Payday loans actually have very small complaint rates to the CFPB, among the smallest of all financial instruments covered under the bureau. The mayor of Kansas City was the opening speaker and apparently the poor shouldn’t have financial services or guns, as it was some sort of gun violence prevention day….

    There were a couple of hundred protesters of payday loans in attendance chanting, “Stop the debt trap.” My first thought was you don’t need the government to do that, instead just don’t take out a loan from one of these stores if you have that opionion.

    The rule basically makes a lender do a cash flow analysis to issue a $300-$500 loan to ensure the consumer has the ability to repay. This sort of calculation has been tested and has basically no impact on whether the consumer repays or not. I speculate that it’s not the debt and utility obligations that largely impact consumer repayment, but rather the discretionary spending of the consumer.

  14. “And how often has anyone gotten into a taxi to go across town and discovered that they are actually being kidnapped, driven across the country and then forced to pay for the trip? Is this a thing that happens?”

    I bet Uber does that to people all the time because they’re UNRAYGULAYTED!@!!!!!!

    /prog

    1. Its more like getting into a taxi to go to the ATM to get money to pay the taxi driver and your dinner bill, finding your account empty, and asking the taxi driver to drive to more and more ATMs hoping you’ll find one that will dispense the cash.

  15. Shocking, that the CFPB, an arm of the Federal Reserve, is pushing to force payday lenders out and thus shift their business to the banks that are both the clients and the owners of the Federal Reserve.

  16. No one is walking into a payday loan shop to borrow $300 and coming out of it saddled with a 30-year mortgage.

    Most middle class people in this country have a lower net worth than most poor people in this country.

  17. But i thought consumer debt was what grew the economy, these keynesian policies tho

  18. Those interest rates are cutting into the gov’t’s take!

  19. The agency has created, now it need to find something to do. Apparently, spying on the financial transactions of Americans isn’t enough, so they are creating some more work for themselves. Besides, “closing payday lenders” is something they can actually accomplish, while the next market crash and real estate crash are already brewing, completely out of their control.

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  25. Loan sharks are cheering this decision. Nothing gives the black market a good boost like removing the legitimate competition.

  26. Before Dodd-Frank, banks would offer free savings and checking accounts hoping you would up it to a real account as you did better financially. But now, no more free accounts for the poor, so they have nowhere to put their money and can’t pay bills with checks which means they have to go in person to pay bills. And if they carry it around as cash they risk getting it taken by the cops.
    Why would someone take out a payday loan? To pay rent so you don’t get evicted. To bail the hubby out of jail so he can keep his job. Serious stuff like that. The people trying to shut this down have no idea what it is like to be poor and have nowhere to turn when things get tight (since all your relatives and friends are also poor). It is disgraceful.
    And why the high interest rate? Because there is a real risk that any given joe will simply disappear and not pay.

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  33. Being a payday loan industry worker myself I might have a little biased opinion, but at the same time I see the other side of the medal. The only reason people are forced to take payday loans is that they don’t have any other options left. Right now the government does everything to take this last option away from people. Now I don’t argue about the moral side of the industry, yes, It’s pure business. Yes, the interest rates are high and missing a repayment costs a lot, but we at http://loanscanadaonline.com believe that taking the only option left away from people, even not the best option, is much worse.

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