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Undoing predatory lending laws

Regular Contributor
Message 1 of 7
6 REPLIES
Super Contributor

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
Established 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
Established 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
Regular 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

Lowly turtle of the myFICO community.Bank-Issued Mastercard $2,000Bank-Issued Visa $6,500In the lab until January 2020

U.S. House Committee Hearing on CRA Accountability. Equifax CEO will attend. Tuesday, February 26 at 10:00 AM

Message 6 of 7
Super Contributor

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!

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Message 7 of 7