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- เผยแพร่เมื่อ 10 ม.ค. 2022
- Payday lenders offer a quick cash fix to those in a financial bind but high interest rates and other issues can trap people in a cycle of debt. NBC News’ Vicky Nyguen explains what consumers should know before taking out a loan.
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#PaydayLoans #InterestRates #Debt
These are the most predatory businesses out there. Stay away at all costs !
does someone have to be told to not eat out every day?
Just another way to keep the poor man down stay away from them 🙄
Don't Be Scammed ! Say No To Payday loans.
And flex loans!
okay thanks David
AMEN 🙏
AMEN 🙏🏾
Al Capone didn’t charge the interest these places do
When I was younger I took out payday loans before, but I made sure I only took one with a 10% repayment rate and I made sure I was sure I would be earning the money in 30 days.
No, don't go to family & friends for loans, it will cause you more problems in the long run, especially if you're unable to pay them back. The word "gets around you" that you tried to scam them even if that is not true. We've all been there desperate to figure out how we are going to pay our bills. I used my credit cards until I was able to find a second part-time job. I have family members who don't speak to one another because of not being paid back by a loved one. Then, family members take sides, so forget about the family get-together cause it will just cause more resentment.
Legalized Loan Sharking! These businesses need to be outlawed!
Using a credit card can end up costing you much more in the end.
Many can't get credit cards, no bank acct, bad credit, or even worse, no credit. Such a scam.
My girl’s mom got a good job but she got a gambling problem. The worse that I have ever seen, so she has about 13 payday loans and has had them over 15 years. I know she has wasted over half a million dollar plus
Currently in this situation and it has been a nightmare. Ready to get out of it anyway I can.
same
A lawyer is expensive too😢
It’s not a trap, the person who takes out the loan should read the fine print not just sign.
Finances need to be focused on more in school.
Well if you can't do simple math before you take out the loan it's your fault.
The best way to combat loan sharking is to educate people.
In another word, take from those in need.
People say. " I don't make enough"
Well I'm going to then ask, how much is your monthly cost for all debts, how much are your bills? How much do you budget for food?
Gas? Etc.
How much do you put away for an emergency?
Almost no one can answer that.
Only people that ACTUALLY budget can answer that question.
No matter the amount you make, if you don't budget. You WILL live paycheck to paycheck
In the past we had a reason to be almost homeless.
That was not budgeting, losing our jobs, having to much debt
Drinking.
Not having skills to find better jobs when we were looking. I got denied by fast food,...even toys r us denied me work. Lol it was low.
But, I personally knew a couple that made 200k plus a year and couldn't save a dollar to their names . So... Stupid knows not limit
400%. Don't use the interest rates the industry gives you. Get it calculated. In Ontario, Canada when I taught this to my class, the effective interest rate was 14,299%. Currently the rate is 3,724%. This is a lot higher than the 400% that the industry is telling people.
Is this a news story for grade schoolers?
I'm thankful I didn't do any payday loans. It took me 16 years to get rid of credit cards, student loans, being scammed into debt by MLM companies! NEVER, EVER AGAIN WITH DEBT!!! #DEBTSUCKS
2:49 why doesn’t this woman change the battery in her smoke detector??????????
drives me insane. it nearly did one time. I couldn't locate The source for 9 months. It was a vacant Neighboring dwelling.
That stinks. I know too many people whom it doesn’t seem to bother them and they ignore the constant chirping.
@@peanutmansemporiumofrandom7472 I go tone def after 3 days.
@@carlkpsplucky5554 that makes sense.
Good job stating that the bill to cap interest rates stalled without any follow up. Great piece of journalistic practice.
Can you please add closed captions to your videos? I would love to use them in my classroom, but without closed captions, it makes it hard to use.
And she’s an educator 🧐🧐🧐
how can i open a pay day lender business
LMAO sounds evil but .......exactly
She’s a teacher????
I sometimes take them, but repay them in 3 or 5 days. If you fall behind, thats when disaster starts. When you do it that way, theyre really helpful.
Its more cost effective to get a cash advance from a credit card as their APRs are already capped at 36%. But payday loans are for people who usually don't qualify for traditional credit so it is imperative that legislation is passed.
To cap lending interests by law yet people enter these deals willingly means we should as well cap by law all other things that people enter willingly, i.e we should by law cap the hours spent on TV and social media as some don't work as hard while "over consuming" those, cap the number of meals to a minimum that stops people from being fat or obese, cap the number of drinks one can have lest they become drunks, etc. etc.
Lets not only cap freely consented to loan interests, lets go for everything cos this is not the only thing that has side effects for those who never count the cost before jumping into it.
how is this news? student aid does the exact same thing.
Isnt that any loan even bank loans
Well then, dont do it. Its on you to be smarter than this woman was.
They prey on the Vanable and the Weak. No one held a GUN TO HER HEAD AND SAID YOU MUST TAKE OUT THESE LOANS. SHE WALKED IN, SHE SIGN THE PAPERWORK AND SHE WALKED OUT WITH THE CASH. She KNEW what she was getting when she signed up,. She did not stop at 1 loan but she TOOK OUT 9 LOANS. She thought it was EASY MONEY.
Debt is dumb cash is king
What do you do when are already engulfed in one.? 🤔
Take a new loan 😐Amassix Loan ))
That's when you GET TWO JOBS!!!!!!!!!!!!
Yes but if she’s a single mom with no one to watch her kid/s she many not be able to work two jobs also she’s a teacher so she may have to work late for teacher conferences or after school activities
Well duh.
This advertising brought to you by the big banks. Once you get rid of payday loans with market set rates, the big boys are going to bury these people in overdraft fees.
Hopefully stuff like Dalypay apps will send these punks to the history books.
Easy solution. Don't borrow money that you can't pay back.
Most school teachers don't make enough to live.
@@TomikaKelly Get a second job or change careers.
You have all the answers don’t you. lmao
Next Solution:
How to not die. Just live.
@@soapa4279 There's a solution to every problem but there is always a cost(time, money and/or energy). The problem this that most people want something for nothing.
amassix ?
The lender has to give you in writing how much it will cost you on the contract you have to sign to get the money. The dollar cost and percentage rate. On average nationwide you write a check for $230 to get $200 for 2 weeks. If you don't pay any back when due you owe $230 but with the penalties and fees written on the original contract in 2 weeks you'll owe $268. What this lady did was even dumber, she borrowed another $200 for $230 while in 2 weeks she'd owe the original $268 plus $230 which is $98 more than the $400 she got. How she got to nine is unknown and untold but that's absolutely crazy. Don't use payday loans unless you are absolutely sure you can pay it off the first time it's due because of an emergency. Sit down and write down what you make and what you spend it on. Then make a plan on spending less money and if you can't make it still work then you'll know how much more outside income you'll need to make each month to balance your budget including 10% of primary income going into building an emergency fund.
Ahaha funny just like credit card companies.
pretty much every financial institution, unless you can find a small local family owned bank.
😢even Africa
Isn’t she educated????
This video would be banned in school because it has the potential to make a white kid feel guilty.
Payday loan are bad don't get one the are a nightmare
Thats on you miss...thats your problem🤷🏾♂️
This video would be banned in school because it teaches Critical Race Theory…
Thank your corporate master and chosen one trump for allowing payday loans to operate again. Like Americans arent struggling enough. Payday loans will make the barely hanging on into the homeless faster than any other bank.
It's all about capitalizing on the little man's money to them! They call these loans payday because it's their payday not yours.
I'm sure payday loans were still around when Obama was in office. Really?!
@@ritaperison6960 Here's what happened: in 2017, the CFPB created a rule that required payday lenders to practice underwriting (i.e. to check whether a borrower can pay back the loan before lending). In 2020, that rule was revoked. Trump was president at the time.
That asian chick is hot