Payday Loans at Big Banks [Consumer] - MarketTicker Forums


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User Info	Payday Loans at Big Banks in forum [Consumer]
Inthedim Posts: 299 Incept: 2010-01-03	In the St. Louis market, at least three banks will make customers a payday-like loan through their checking accounts: US Bank, the biggest player in the local banking market, Regions Bank and Fifth Third Bank. http://www.stltoday.com/business/local/a.... 2011-10-14 10:19:40 Permalink
Spanktron9 Posts: 2784 Incept: 2009-03-13 Reality.	Thanks Inthedim. This seems like a big tell to me. ---------- "Winter is coming." -Motto of House Stark "Mo'lon La'be"- Leonidas "Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe "Its like Calvinball."-MarvinMartian 2011-10-14 11:16:59 Permalink
Ckaminski Posts: 1583 Incept: 2011-04-08	I have a friend who uses these and I'm trying to get her to stop. She makes $45K a year, roughly, but she's always living paycheck to paycheck. Two kids though and no child support. I can't get her to sit still long enough to come up with a budget. 2011-10-14 13:42:32 Permalink
Arpwatch Posts: 3051 Incept: 2009-11-06	Regions is going down shortly after BAC. My slightly uneducated opinion. 2011-10-14 14:03:10 Permalink
Batgirl791 Posts: 828 Incept: 2009-06-20	I don't like these in general, but there are people who do need extra money at times and don't have access to credit. I've seen cases where someone has no money and needs diapers or milk, and will either bounce a check or can get one of these at the bank, which is less expensive than overdraft fees. 2011-10-14 14:05:55 Permalink
Matt_bear Posts: 6359 Incept: 2008-07-15 a week early on spy puts	and then what do they do with the next paycheck when they're already in the hole? if you need a payday loan to cover the bare essentials of LIVING, there's a serious problem and these loans will just cause you to swirl deeper and deeper down the hole. ---------- In terms of real-world fundamentals, I expect that most of the people around me, whom I work with day to day, and whom I pass on the street ... will be dead within five years. 2011-10-24 15:28:58 Permalink
Jinxx0r Posts: 4233 Incept: 2007-08-10	Quote: if you need a payday loan to cover the bare essentials of LIVING, there's a serious problem and these loans will just cause you to swirl deeper and deeper down the hole. QFT They are preying on people with these loans. Some budgeting and simple analysis could probably show that she (they) could live on 45k without being "paycheck to poaycheck". It would just take some discipline they are not willing to do. The banks are taking advantage of their lack of discipline. bleh. 2011-10-24 16:17:36 Permalink
Drench Posts: 28631 Incept: 2009-11-10	Chasing Fees, Banks Court Low-Income Customers http://www.cnbc.com/id/47185211 2012-04-26 15:14:25 Permalink
Steph4liberty Posts: 1684 Incept: 2010-10-22 Raleigh, NC	It's the fact that people don't have an emergency fund set aside. If they did, they wouldn't have to dip into their day-to-day funds to pay for things like car repairs, medical expenses, etc. and then to resort to payday loans to cover what they're short. A lot of parents (not all) & our education system do kids a great disservice by not teaching them young how to create a budget & stick to one and save. ---------- "Man will never be free until the last Banker is strangled with the entrails of the last Politician" - unknown "This isn't a market anymore, it's a computer game." - Drench 2012-04-26 16:01:10 Permalink