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1 Absalom, Absalom, Obdicut  Mon, Apr 30, 2012 10:46:24am

This can’t be true. I’ve been told that you can only make money off of rich people.

//

2 Bob Dillon  Mon, Apr 30, 2012 1:49:08pm

A mailer from U.S. Bank came in the post today.

“Get cash with no application or credit check.”

As having a checking account with USB and “direct deposit” makes me eligible because repayment is automatically deducted from the next direct deposit of $100 or more.

I can even do it online. From $20 to $500.

And I only have to pay just $2 for every $20 I borrow.

Do the math.

3 Bob Levin  Mon, Apr 30, 2012 4:46:45pm

re: #1 Obdicut

You’ve been told that the 1% make money off of the other 1%. I just read that somewhere.

Fact is, banks have been losing customers to loan sharks, and those folks can’t get out of debt. Most of those products are closer to helping with money management.

Some banks, namely U.S. Bank, Regions Financial and Wells Fargo, are luring low-income consumers to sign up for things such as prepaid debit cards and payday loans-products that typically come with all sorts of fees and charges, the Times reports. Why are banks courting these customers with pricey products?

Products geared toward low-income consumers have typically been offered by payday loan companies and storefront lenders or even big retailers like Wal-Mart.

It would be nice to compare rates between these two sets of products, instead of the author simply asserting the fees are high, which is a relative term, and leads to the question of ‘compared to what?’

4 ThomasLite  Mon, Apr 30, 2012 5:58:10pm

re: #3 Bob Levin

You’ve been told that the 1% make money off of the other 1%. I just read that somewhere.

Fact is, banks have been losing customers to loan sharks, and those folks can’t get out of debt. Most of those products are closer to helping with money management.

It would be nice to compare rates between these two sets of products, instead of the author simply asserting the fees are high, which is a relative term, and leads to the question of ‘compared to what?’

not quite the point though. one would expect a bank to be held to a somewhat higher standard than, say, a retailer like walmart. A bank instills a certain trust which the discount store around the corner generally does not.

5 WINDUPBIRD DISEASE [S.K.U.M.M.]  Mon, Apr 30, 2012 6:01:58pm

criminals and parasites

6 Bob Levin  Mon, Apr 30, 2012 8:25:37pm

re: #4 ThomasLite

It would have been a very good idea to write an article comparing financial products and loan rates that are available to lower income folks. Even though Wal-Mart is in the quote, I would still like more information. I’d like someone to prove to me that Wal-mart is in the loan shark business.

Banks have always had a bad reputation, first for being unsafe, then for only loaning to those who have no need for a loan, and most recently, for being stupid beyond stupid. That’s why their advertising is heavily themed with helping build communities—which they do. But they’ve never been quite so committed to the neighborhood as is portrayed, leaving large sections of the populace to be snared by predatory lenders.

If it has finally occurred to banks that they can save people from predatory lenders, even if the motivation if purely financial, then that’s fine.

I get upset when I see perfectly legitimate ads for businesses that are little more than loan sharks.


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