Anyone else noticed an increase in payday loan places?

[KansDem]

The other day I went to my usual tobacco shop. I hadn’t been there for awhile; I smoke a pipe and need only to stop in every couple of months or so, but this last time, I noticed a sign on the door indicating that the smoke shop now does payday loans. I mulled this over as I purchased by usual “Black and Gold” blend of pipe tobacco and realized I have seen several payday loan establishments springing up during the last few years or so. One place just down the street from the tobacco store went in about two years ago, and another payday loan place opened up inside a coin-op laundry! So not only are there the usual establishments, but payday loaning as a side line is being taken up by already established businesses.

These reminded me of stories my stepfather would tell me about loan sharks where he worked during the 1950s and 1960s. If you needed quick cash, these loan sharks would advance you, say, $50 to get you through to payday. Then they would expect you to repay $75. Apparently, the loan sharks (later “pay day loan officers”) did pretty well. Check out some current payday loan rates.

Afterthought: Payday loans are not necessarily new. Occasionally while watching an old movie (say, from the 1950s) in which a scene takes place on the street of a downtown business district, I can see a storefront advertising “pay day loans” so the concept is not new. It’s just that there seems to be more and more of them cropping up. And in the suburbs, too.

[elehhhhna]

1. Predatory interest rates on super-short term loans.

Vicious cycle.

[MadHound]

2. They come and go on the vaguries of the economic winds.

They started cropping up in my neck of the woods in the ninties, at the peak of the "roaring Clinton economy" that left many poor and middle class in the dust. As the economy has worsened, they have gotten more numerous. Miserable fucks, preying on the misery of those least able to afford their criminal services.

[LizW]

3. Yes, they're getting very common around here

I never saw these places before about 2000. Now they are all over, and especially in poorer area of town.

[lenidog]

4. I can't believe that you insulted loan sharks by comparing them

to these payday loan companies. Even the worse loan shark has some sense of mercy. They are every where now and its getting worse, first they started out on the net and now they are infesting towns. In the past 6 months we have had a half dozen or more open up around here. From what I understand in major military towns like Ft. Bragg or Norfolk they are getting more plentiful than rats.

I work a customer call center at a bank and believe me you NEVER, EVER want to give them your account number. If you can't pay them on time then don't expect any mercy from them. Once they get in there its incredibly hard to ever get them out. You can file a revocation and they will go in the next day by changing their code by a single letter or number and take your money out. I have seen them try six or seven times in the course of a couple of days try and take the money out of people's accounts and each time they do it they rack up more and more overdraft fees.

[KansDem]

11. You're right, and I apologize...

I recently saw the movie "The Asphalt Jungle" (1950) and was taken aback about how a loan shark was portrayed in that movie. In one scene, a "dirty" cop goes into a bar to see his loan shark. Instead of some mean, threatening, bone-breaking tough, we see a well-dressed, soft spoken man who conducts business from a booth in the bar. The officer explains to him why he doesn't have the money, and the loan shark sympathizes with him and offers to rewrite the loan. A handshake concludes the transaction.

I know it was just a movie, but I doubt John Houston would've shot the scene that way if there wasn't some truth in this. Sure was different than the "Gimme the money or I'll break your kneecaps" type I was used to seeing (in the pop culture media).

[lenidog]

5. Side note to you

Black and Gold sounds like Lane Limited's 1-Q pipe tobacco.

[KansDem]

8. Is this good?

I mean, I know many pipe stores buy already-blended tobaccos and put they're own name on it. For example, although "Town Crier" and "Tender Box" had "different" names for their pipe blends, one could always find a similar (if not exact) blend in both places (once, I went into one place and told the clerk I was looking for a blend like the other place sold. I told him what the blend name was at the other place. He looked at an index to see what their name for that blend was). Is "Lane Limited 1-Q" a good blend? It smokes nicely and smells good (although I only smoke in my car).

[lenidog]

13. Actually its great pipe tobacco

Its a pre-mixed blend and most places call it Black & Gold or like the tobacco shop I go to its called No Bite. Its a nice cool smoke with a good tobacco flavor. (Its a plain tobacco no added flavor) Just the name made me think that it was from Lane LTD who have it listed in their catalog as 1-Q

[Red State Rebel]

6. A friend of mine said they have been in South Florida forever

She lives in Ft. Lauderdale. I think they have started spreading in the last 10 years throughout the rest of the country.

[Melynn]

7. I've noticed that too.

You're right. Payday loans aren't new. They used to be called loan sharks.

But the BushCo economy is just fine. :sarcasm:

[Coventina]

9. Big increase in Pawn shops, Loan shark places and their tv ads

I swear every time I turn on the tv their is an ad for getting a loan on your paid-for vehicle, or a pawn shop or some other rip-off-the-poor scheme.

Don't these people realize that the Bible specifically prohibits usuary?

But oh no, they only focus on the sexual prohibitions.

[bleedingheart]

10. yes I have...and it is scary.

[lukasahero]

12. Once again a recommendation to read "Perfectly Legal"

Not specifically about payday loans but one can make implications from the very detailed information he gives about "tax return" loans.

This country, and most people in it, is headed for financial ruin thanks to a few greedy f*cks who have it all and want even more.