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First Premier is suing the feds

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Valued Contributor

First Premier is suing the feds

First Premier is located in my vicinity, and this is an article that was in today's local paper. They are suing due to the new restriction on upfront fees they are able to charge.

 

http://www.argusleader.com/article/20110722/NEWS/107220316/1001/rss01

 

I don't know where you draw the line between doing business with a high-risk demographic vs predatory practices.

 

If First Premier is successful in this suit we may see companies go back to the pre-Credit Card Act time of doing business. I think most of the changes were good ones. (PS...I didn't know where to post this but thought it might be of interest to those here on the Credit Card board.)

 

ETA: The public's comments at the end of the article are quite colorful.

Message 1 of 58
57 REPLIES 57
Super Contributor

Re: First Premier is suing the feds

They can afford to do an all out battle with the Feds given they are loan sharks.  Smiley Very Happy

Message 2 of 58
Valued Contributor

Re: First Premier is suing the feds

Smiley Happy - DI - Good one!

 

Nailed it!

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 3 of 58
Valued Contributor

Re: First Premier is suing the feds

Given how FP charges outrageous APR (59.9 to 79.9%), I failed to see how they need anymore money.

Message 4 of 58
Valued Contributor

Re: First Premier is suing the feds

The market is the market. 

 

Tony Soprano lends money when nobody else is willing to do that...but he charges a hefty vig for his risk. 

 

The consumer makes his own choice.

 

I don't see FP forcing people into taking its cards.

 

And I don't see First Premier advertising itself as a best friend or a babysitter.  FP lends money, at high rates and upfront fees, to people who cannot get it elswhere.

 

It's a free market out there.  At least, it used to be.  

 

 

 

 

 

 

 

 

 

Message 5 of 58
Mega Contributor

Re: First Premier is suing the feds


@Uborrow-Upay wrote:

The market is the market. 

 

Tony Soprano lends money when nobody else is willing to do that...but he charges a hefty vig for his risk. 

 

The consumer makes his own choice.

 

I don't see FP forcing people into taking its cards.

 

And I don't see First Premier advertising itself as a best friend or a babysitter.  FP lends money, at high rates and upfront fees, to people who cannot get it elswhere.

 

It's a free market out there.  At least, it used to be.  

 

 

 

 

 

 

 

 

 


+1

 

Your score dictates what your options are. I've had FP in my wallet for 4 months now (49.9 APR) and they have not gotten 1 cent of interest from me. Yes it's BS to pay a fee to pay your bill but guess what?? If I wasn't stupid in the past about my credit I wouldn't be using FP. They help my credit score. So does Cap1 and Credit One. I have no negative comments for any of those banks because I knew full well what kind of fees they charged and took their products to HELP my credit. Next year, or maybe 6 months from now I wont need them anymore.




EQ FICO 548 3/3/16
Message 6 of 58
Senior Contributor

Re: First Premier is suing the feds

On one hand I'm grateful to FP like others have said.  But on the other I feel trapped!  I can't wait to close this card.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 7 of 58
Super Contributor

Re: First Premier is suing the feds


@Uborrow-Upay wrote:

The market is the market. 

 

Tony Soprano lends money when nobody else is willing to do that...but he charges a hefty vig for his risk. 

 

The consumer makes his own choice.

 

I don't see FP forcing people into taking its cards.

 

And I don't see First Premier advertising itself as a best friend or a babysitter.  FP lends money, at high rates and upfront fees, to people who cannot get it elswhere.

 

It's a free market out there.  At least, it used to be.  

 

 


Ah, this verbatim...

 

Message 8 of 58
Senior Contributor

Re: First Premier is suing the feds


@Uborrow-Upay wrote:

The market is the market. 

 

Tony Soprano lends money when nobody else is willing to do that...but he charges a hefty vig for his risk. 

 

The consumer makes his own choice.

 

I don't see FP forcing people into taking its cards.

 

And I don't see First Premier advertising itself as a best friend or a babysitter.  FP lends money, at high rates and upfront fees, to people who cannot get it elswhere.

 

It's a free market out there.  At least, it used to be.  

 



Yup, this will sure be interesting.

IAALBNYL
Message 9 of 58
Valued Member

Re: First Premier is suing the feds

You need credit to get credit so how you get credit with no credit.? Surrendering to this predators. I think the fed should force to get rid of this credit score scam this is a tool to rob people I believe credit score is the biggest scam ever


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Message 10 of 58
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