Consumer Protection Bureau Aims to Roll Back Rules for Payday Lending

Re:Consumer Protection Bureau Aims to Roll Back Rules for Pa... by numbsafari on Wednesday February 06, 2019 @05:08PM (#19100597)

Because the folks that use payday loans are most likely [a] not on a salary and [b] have very inconsistent wages due to inconsistent scheduling and [c] likely don't even have a bank account.

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Re:Consumer Protection Bureau Aims to Roll Back Rules for Pa... by andrewla on Wednesday February 06, 2019 @06:54PM (#19101486)

For point c this is completely untrue; you in fact can’t get a payday loan without a bank account, and many of the most sleazy practices of payday lenders (and all of the practices banned by the rule) are related to charging fees against bank accounts.

A and b are both true but don’t seem especially relevant; payments can still be made on a daily or hourly basis based on the work they are doing rather than bundled up at the end of a pay cycle.

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Re:Consumer Protection Bureau Aims to Roll Back Rules for Pa... by basementcat on Wednesday February 06, 2019 @10:01PM (#19102614)

I think you need a salary (or regular deposit of funds, such as a pension) to qualify for a payday loan.

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Re:Consumer Protection Bureau Aims to Roll Back Rules for Pa... by numbsafari on Thursday February 07, 2019 @08:34AM (#19105070)

From what I have seen, they typically only ask for your most recent pay stub.

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