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Undoing predatory lending laws

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Message 1 of 7
6 REPLIES 6
Moderator Emeritus

Re: Undoing predatory lending laws

Would love to respond but would go on a "rant" and likely would slide over the political line! Smiley Mad

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Message 2 of 7
Valued Contributor

Re: Undoing predatory lending laws

I want to talk about this but I can't talk about this either, lol!
I expect we will only see more of this from the *ahem* newly redesigned CFPB.



Message 3 of 7
Member

Re: Undoing predatory lending laws

Let people make their own financial decisions 😉

Message 4 of 7
Highlighted
Valued Contributor

Re: Undoing predatory lending laws

Actually lending to people who are a high risk of not paying back what they borrow is generally not allowed. It is due to the impact these decisions have on everyone that people and lenders actions are regulated.
If you apply for a loan from a bank, credit card or mortgage they are required by law to verify that you likely have the financial means to pay them back. The law was simply that payday loans would not be exempt.



Message 5 of 7
Established Contributor

Re: Undoing predatory lending laws


@Dinosaur wrote:

Would love to respond but would go on a "rant" and likely would slide over the political line! Smiley Mad


+1 for letting @Dinosaur go on a rant and turn this thread into a self-contained 'Combat Zone' like we used to have in Boston. https://en.wikipedia.org/wiki/Combat_Zone,_Boston

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Message 6 of 7
Moderator Emeritus

Re: Undoing predatory lending laws


@CassieCard wrote:

@Dinosaur wrote:

Would love to respond but would go on a "rant" and likely would slide over the political line! Smiley Mad


+1 for letting @Dinosaur go on a rant and turn this thread into a self-contained 'Combat Zone' like we used to have in Boston. https://en.wikipedia.org/wiki/Combat_Zone,_Boston


Interesting piece of history in Boston MA. Did not know!

Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 7 of 7
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