tag:blogger.com,1999:blog-2321900698982168395.post1777611970331338332..comments2023-05-26T08:49:09.362-06:00Comments on Reginald Milton's - A Fresh Look: The Obama-Biden Urban Policy PlanReginald Miltonhttp://www.blogger.com/profile/13605193162380236835noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2321900698982168395.post-65240421456332281552009-01-12T14:57:00.000-06:002009-01-12T14:57:00.000-06:00In most states, if not all, you cannot extend a lo...In most states, if not all, you cannot extend a loan more than 12 weeks. In a lot of states you can't even extend the loan once. The loan is due when it is due. <BR/>There is a risk with any loan. Home loans, auto loans, credit cards, and payday loans. The point I am trying to make is lets let the people make the decision if they want a payday loan, not the government. If someone wants a car that they really cant afford, that is their choice. If someone wants a payday loan that will cost the $8 for a $100 loan, that is their choice. There is no way that a payday loan can cost someone thousands of dollars. That is the problem with most people, they don't really understand how a payday loan works. <BR/>There is a need for payday loans whether you like them or not. To prove my point, credit unions are now offering loans that are similar to payday loans. The APR is lower than the typical payday loan, but what they don't disclose is the participation fee. If this fee was applied to the APR, it would be much higher than the typical payday loan apr. This fee is usually around $20. The fee for a $100 payday loan is $8. <BR/>Again, all loans no matter how big or small are a risk and should be taken out only if needed. You should always pay the loan off when it is due, and never carry over a balance on a credit card into the next month. But I think we should leave the option open the customer not the government.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-41756132255123708072009-01-12T14:29:00.000-06:002009-01-12T14:29:00.000-06:00To: Cash Advance SoftwareYou are correct up to a p...To: Cash Advance Software<BR/><BR/>You are correct up to a point. What happens is these borrowers refinance the loan over and over again because they can not afford to pay them off. Each time they are charged fees for processing this same loan. What you call the fees doesn't matter if in the end you find a small loan has cost you thousands of dollars or the seizer of your car.Reginald Miltonhttps://www.blogger.com/profile/13605193162380236835noreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-79692163232149346062009-01-12T13:37:00.000-06:002009-01-12T13:37:00.000-06:00They charge 300% APR. For a payday loan to be 300...They charge 300% APR. For a payday loan to be 300% APR, the borrower would have to take out the loan for an entire year. This is not possible with state laws. So saying that a payday loan is predatory because of the "APR" is not correct. A payday loan is until your next payday, not for an entire year. Does $8 for a $100 loan until your next week sound that bad? Do you hear about people losing their house because of a $200 payday loan? No! It's credit cards and bad mortgage loans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-44502971448256960202009-01-09T08:42:00.000-06:002009-01-09T08:42:00.000-06:00To: Cash Advance SoftwareForgive me, but I'm not t...To: Cash Advance Software<BR/>Forgive me, but I'm not too clear on what your argument is.<BR/><BR/>As far as Payday Loan Centers and this includes Cash Advance Centers they all fall under Predatory Lenders. These establishments milk the poor with outrageous interest rates. This has less to do with the incoming President and more to do with our State Legislators who allow these lenders to charge over 300% in interest and in the Midwest I have heard of lenders charging as much as 1000%!!!<BR/><BR/>The lenders argue that they have to charge these exorbitant fees due to the high level of defaults. I argue if their fees were not so high maybe they wouldn’t have as many defaults.<BR/><BR/>To: Tyler<BR/>Why don't we first allow Mr. Obama to take office before we conclude he's not doing a good job?Reginald Miltonhttps://www.blogger.com/profile/13605193162380236835noreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-8041525655391852482009-01-08T19:50:00.000-06:002009-01-08T19:50:00.000-06:00Obama will bring no change. Payday loans are not ...Obama will bring no change. Payday loans are not what is hurting the economy today.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-9703739528810248202009-01-08T19:49:00.000-06:002009-01-08T19:49:00.000-06:00Why is Obama concerned about payday loans when we ...Why is Obama concerned about payday loans when we have gambling, prostitution, credit cards that offer credit lines of $15,000+, and many other things. <BR/>Payday loans are not for an entire year, so you can't use that as an excuse to cap or ban payday loans. They are until your next payday.<BR/>Also the only "Change" we are going to see is none. Obama is a smooth talker who probably wont do much.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-13109780437975196172009-01-08T18:40:00.000-06:002009-01-08T18:40:00.000-06:008:09 said: "Change starts at the bottom up, not th...8:09 said: "Change starts at the bottom up, not the top down."<BR/><BR/>Amen, couldn't said it better myself. You have some smart people coming to your site Mr. Milton! Including me!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-11667571003237503142009-01-08T08:09:00.000-06:002009-01-08T08:09:00.000-06:00The only way we will see any changes is if we the ...The only way we will see any changes is if we the voters stay connected and very involved with all levels of government.<BR/><BR/>We need to be vocal and active in holding every elected official accountable.<BR/><BR/>Change starts at the bottom up, not the top down.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-6197789563096476992009-01-07T11:15:00.000-06:002009-01-07T11:15:00.000-06:00Our neighborhoods are falling apart. It will take ...Our neighborhoods are falling apart. It will take someone like President Obama to correct these problems. <BR/><BR/>George Bush didn't care what happened to poor people. They cut back on programs and are now surprised that things are getting worse.<BR/><BR/>This list looks like someone has the people in mind. <BR/><BR/>This is a proud day. We are going to see change.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-16054868981368266252009-01-06T10:55:00.000-06:002009-01-06T10:55:00.000-06:00Obama is trying to help move this country forward ...Obama is trying to help move this country forward and all you hear is people finding bad things to say, but what are you doing? Give Obama a chance to make things better before you start attacking him for trying.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321900698982168395.post-55466883833661169242009-01-06T08:55:00.000-06:002009-01-06T08:55:00.000-06:00Sounds like a hole lot to do...me wonder where he ...Sounds like a hole lot to do...me wonder where he going to get the money to pay for this...oh yea by stealing it from hard working Americans.Anonymousnoreply@blogger.com