Comments on: Why payday loans won’t get cheaper http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: bstefe http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47670 Thu, 18 Jul 2013 11:27:37 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47670 Payday cash loans are a very good way to get money in a big hurry. Payday loan is not affordable if payback period increases. Customers are required to pay only as much as they borrow. The APR depends on the time period for which the money is borrowed. So, the APR varies depending on whether a customer extends the borrowing period or not. 1stratelenders.com is the good company, their interest rates and financial fee is very low.

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By: bjorharjo http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47338 Thu, 13 Jun 2013 17:17:07 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47338 thanks for showing this .

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By: Zdneal http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47334 Thu, 13 Jun 2013 15:11:28 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47334 What do you think of places like western sky? They aren’t really payday, but they are aiming for a less credit-worthy demo.

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By: f00 http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47307 Tue, 11 Jun 2013 18:13:28 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47307 “The only way this product could ever work, after all, is when the person asking for the loan is also directly depositing their paycheck into their checking account.”

Why does this presuppose that the bank providing the account is the only possible lender?

Payroll advance lending is fairly mature in many other countries, notably Mexico. While this usually involves direct payments from employers to lenders, there’s no technical limitation that prevents banks from diverting direct deposits to repay a lender.

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By: Harpstein1 http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47302 Mon, 10 Jun 2013 19:59:12 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47302 Changing banks is painful these days, with the plethora of direct deposit/debit setups in place. Even re-doing BillPay stuff is a challenge, as I found out recently when a water bill payment was never cashed even though I literally copy/pasted the data from my old bank to my new bank.

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By: StuartG http://blogs.reuters.com/felix-salmon/2013/06/10/why-payday-loans-wont-get-cheaper/comment-page-1/#comment-47301 Mon, 10 Jun 2013 19:31:48 +0000 https://blogs.reuters.com/felix-salmon/?p=22034#comment-47301 Years ago, depositors changed banks to get a free toaster. I guess payday borrowers have a different relationship with money.

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