I Want to Apologize

no problem.he does get under your skin sometimes.

No worries, I've had a run in or two with pdl owner also.

Thanks for the support, he really can get to me. I find him arrogant and condescending towards others.

but he does share a lot of info that those in the PDL mess probably find very useful

Funny that I just ran across this. No hard feelings on this side. Actually, I enjoy our banter. Like me or not, I do my best to stay with facts an keep personal opinion out of my posts. It is hard sometimes and being direct may offend some, but sometimes the truth is not all that pleasant. We have all learned something from each other and inturn I would assume it has bettered us on here and in the real world.

PDL OWNER........what do you mean by 'the truth is not ALL that pleasant." Do you actually OWN a PDL company...OR..are you a PDL 'customer'?

I have 3 stores of my own. Prior to that, I ran 6 states for one of the Big 3...

As for the "truth is not ALL that pleasant", most of us (me included) have a hard time seeing or believing something that differs from the view that we want to see. When I first started posting, many did not "want" to see any side from the industry standpoint. All that I attempted to do was to dispell some of the myth's about the industry and clarify the reasoning for some of our position. I can guarantee that many of the frequent posters here have gained from my input based on the advice that they give now compared to 6 months ago. Not only does that help the folks in trouble, but anytime people understand the difference between illegal lenders and licensed lenders will ultimately help me put food on the table and clothes on my kids back.

I understand that this is your job. And, you DO need to pay your biils, feed your children, etc. .......everyone sure does. However......(and I can put my '2 cents' into this because of being a Victim of PDL's, as well) I'm sure you understand the 'consumer's' point of view. Trying to deal with some PDL's is almost impossible. How can some PDL's be legal with the high % they have on their loans (just thinking outloud here, I suppose).

Good question! The problem with judging PDL's is that 99% of the people look at the APR, which I agree is high. The use of the APR was created for continuity and provide the public with a simple way to compare credit. The down side to the use of the APR is when you try to use it to compare short-term notes (generally anything less than 6 months) to long-term notes. The shorter the term, the higher the APR even though the true dollar cost may be the same or similar.

To even break it down more, which is a better "deal"?

* Customer A borrows $300 with an APR of 259.03%

or

* Customer B borrows $300 with an APR of 1147.14%

Looking at the above comparison, you would probably say that Customer A is getting the better rate based on the lower APR. In actuality, both customers are paying the same fee, but for different lengths of time. Customer A is a 31 day loan and customer B is a 7 day loan. Both customers paid a $66 fee in Wisconsin.

Now, in another direction, I found this very interesting. Here is a quote from the Huffington Press regarding the Democrats in DC going after banks and CU's NSF fees.

"Michael Flores, CEO of Bretton Woods, a consulting firm that works for both payday lenders and banks, estimates that overdraft fees brough in $34.7 billion in revenue for banks and credit unions in 2008, compared with $7.3 billion for payday lenders."

I will continue with you, but have baseball games today for both boys. Let me know your thoughts.

OH!! My son played baseball when he was younger, too. LOL Hope the games go well. :D WOW!! It's a wonder how SOME PDL's are still in business. However.....I guess it's the consumers who keep them in business. When 'we' need money, desperatley for something, and have bad credit, 'we' do what we have to.

You, my friend, hit the nail right on the head!!

BTW, rough day on the diamonds. The teams went a total of 1-3.

i know the truth is hard to take especially when it is not the answer u want but im new here and im in debt what do i know

mdtow1, i would recommend finding the board where your problems fit in (collections, payday loans, banking, etc.) someone will be there to help you :o)

ok i need to put my 2 cent in now. question to the pdl owner
some time ago i applied to one and was turned down bcuz my state prohibits payday loans and i applied on the internet. so you being the pdl owner why would you still lend to someone who lives in a state where it is banned? you being the lender take the risk of not getting paid back should the consumer for whatever reason does not or can not pay back.

RWILLIAMS -

Could you please start a new thread for your discussion with PDLOwner? This thread was started with another intent, and your topic would be better served in its own thread. It will also get more attention from other members and mods, and perhaps will get you more answers to your questions.

Just a suggestion. Thanks!

sorry

RWILLIAMS

If you would like to discuss, start a thread and we can see where it will go rationally. Unfortunately, it will probably get hijacked, so we will need to type quick!