The correct finance take is downmarseyd. I guess Redditors would rather this guy not be able to get money when he needed it.
And who's fault is it that they have horrible credit again? Not the pay day loan people.
In America? So many reason: medical debt, being in the foster system, minor crimes like shoplifting as a teen, being gay (ie your parents make you homeless), disability, a fire, your landlord ups the rent by 50% or more, your employer decides to fire you, ohh so many reasons.
Instead of being judgmental, you may want to show some empathy and compassion for those less fortunate. SPECIALLY if you call yourself a Christian.
The seethe is amazing.
It’s horrid. Places like that, payday loans/advances and rent to own businesses are nothing short of predatory. You only ever see them near poverty stricken areas of town. They just want to make your life worse
But like do you think rich people need loans to buy basic items like furniture?
The shady stores don't stand a chance there because they would laugh and then buy something that costs more than 3 of the shitty rent to buy furniture sets that have probably been repossessed twice before you got it.
So close to getting the point. So close. Just because someone is poor doesn’t mean that it’s ok to target them with your predatory shit, and it certainly doesn’t mean that these businesses even vaguely belong in working class communities.
Completely misread the point and smugposts about it.
That's all the effort you are getting out of me. So many people there with poor financial decisions.
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I'm so happy in the Congo1yr ago #4342641 spent 0 currency on pingsRedditors think credit scores are just magic numbers invented to be mean
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I'll vote for any politician that lowers the credit score of redd*tors
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Instate social scores but lower them anytime someone acts like a b-word.
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Especially the gigacope about how there's a statistically significant number of gay homeless people who would have otherwise had fine credit scores
Like it's super easy to have good credit and if any of the reasons xhe listed are someone's excuse for having bad credit then they were never going to succeed even absent those factors
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You are literally born with good credit. The only way to get bad credit is to borrow money and not pay it back. Everyone with bad credit has borrowed money and not paid it back at some point.
It is a bad idea to give money to people who will not give you the money back. This is not hard.
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That's not how FICO scores work. Good credit requires a compliant track record, not just a lack of problems.
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Your credit score can be calculated if you have any accounts older than 6 months. The floor is pretty much 680-720, which is “good” and the actual number doesn’t really matter past that for most people. For all intents and purposes, you start with good credit.
Individual lenders consider more than just your score, such as what’s on your report (balances and age) and off (income and student/veteran status). But 99% of the time people are complaining about the number.
Which they fricked up themselves.
By borrowing money and not giving it back.
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Slightly disagree. My brother-in-law couldn't get a house at 32 because he never had credit cards or car loans. So i would'nt necessarily say you're born with good credit, but it's also very easy to get a credit card, charge something small on it every couple months, pay it off immediately and get a decent credit score fairly quickly
And just to be clear I'm fine with not being born with a great score. The point of a credit score is to show you borrow responsibily and if you've never shown that they can't gauge you as "good"
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A large bank closed my credit card with a $30 balance. I had seven figures in saving with them, they could have easily collected their pennies. Instead they reported the account as delinquent and tanked my credit for seven years (the maximum amount of time they can report the account before it drops off your credit report). Luckily I’m not poor and could afford to pay for everything without credit.
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Credit scores are stupid, you only get a good one if you have a half dozen credit cards with zero balance on them and no loans or anything you might as well not even take out loans in that position defeating the entire purpose. Its like most things, a bad faith system that works best if you ignore it.
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No you don't lol, good credit is stupid easy to get
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Ive been sitting at like 750-790 for a couple of years and it refuses to budge and it changes a handful points depending if i have $500 in credit card debt out of a $25,000 limit.
Its stupid because it actively punishes you for going into debt which is exactly what the every company wants you to do. The only time your credit improves is when you dont need them at all.
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These banks are crazy though. I went in for an account issue and lady ran the numbers and was all excited about me being able to easily get six figure loans with my credit. Uhhhh how about no Scott
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And those big banks will try to entice you with promo rates that are higher than fixed rates available if you spend two seconds looking elsewhere lmbo
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Just like the numbers on the scale
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Someone should tell them that predatory loans are fine since they are given informed consent
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Reported for anti-semitism.
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Aren’t payday loans a red man thing? Sad to see such discrimination against the Natives
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The companies are often headquartered on a reservation to avoid caps on rates but I wouldn’t call it an injin business
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...most of these things don't impact your credit score at all. Do redditors even know what a credit score is?
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the bigger issue with people that have bad credit right off the bat is shitty parents that don't put them on a credit card when they're younger, so they go into adulthood with no real credit history and it's hard to build a credit history, or it at least takes time.
My mom refused to ever take out a credit card and had shitty credit herself. I think my score is over 730 right now but it's taken so long to get there I can see how r-slurs would fall off before this point.
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My dad put me on a credit card with a 10k limit immediately so when I was in college I applied for 3 of my own cards and had like <1% utilization on a 25k cap right off the bat.
I have like an 820 now and use it for nothing but my power bills lol
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Your dad is a smart man, but you deserve credit for not being stupid. When i opened my bank account when i turned 18 the bank gave me a "college" credit card with a 5k limit and i creditmaxxed that shit out in like 6 weeks. Bought a volcano vape, huge TV, and then found out i could get cash from the credit line and bought a bunch of weed
Learned a hard lesson early lol, they fricked me in the butt with interest. Now I have 3 credit cards with 35k credit line and an 815 credit score, so I'm kinda thankful i learned quick and early
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I actually don't think a single one impacts your credit score. The closest is medical debt but I thought there were some laws these days to keep that off your credit report (unless you declare bankruptcy from it). I could be wrong though, I have insurance so I'll never go into medical debt.
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Yeah I was thinking medical debt would do it but I would ALSO not know bc I am also not a poor
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Im pretty sure you can just never pay medical debt with no consequences besides annoying letters.
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Just pay a dollar, as long as you give them something they are limited what they can do (only with medical debt)
If you don't pay at all they can report it
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AHH GEEZ DUDE, I'M SORRY BEST I CAN DO IS A DOLLAR
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Kinda depends. Often on what state you are in. This is definitely true for illegal immigrants though.
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Yes. It's when mean straight white men give them bad scores in life just like they got bad scores in school (despite being secret geniuses, it's just that school was boring and they were bullied and every single teacher was mean and didn't get them and mommy told them they had to do my own laundry and pour their own cereal and...
)
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Pay your rent, rentoid
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Redditors will forever seethe about pay-day loans, pay-to-own and other extreme high interest debt, because only 1 of 2 options can happen:
1. You have to let them exist as-is because the default rates are so extreme that the triple digit interest is the only way the loaning entities can cash flow across so many failures, or
2. You cap the interest rates available and no loans, high or low interest exist in these areas, locking the entire customer segment out from credit usage all together
Every other option is just some form of losing money on people that have proven they are bad with money. I have wh*te in-laws that literally rented their furniture for at least the last 5 years and use credit card debt to pay for vacations, they are precisely the people that will end up here because they live paycheck to paycheck while other people got by with starting on used furniture and waited to afford decent furniture
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From what I understand those rent-to-own places don't even actually charge interest on their products. They just charge a high monthly (or weekly) fee that adds up to way over msrp. They are upfront with the total cost (and even if they weren't you simply have to be able to do basic math to figure out the cost). I remember seeing redditors seethe about rent-a-center charging $1000+ for the PS4 back in the day, but nobody needs a PS4, and if you're so impulsive and bad with money that you can't save up for a few months to buy one outright you deserve to be poor
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What low-IQ lefties don't understand about wealth redistribution. That money will inevitably make it back to the pennywise eventually
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And if it recall correctly, the common rent-to-own price for the PS4 was something stupid like $80/month for 12 months. Just save money for 5 months and you have it outright.
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but i want it now :(((((
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The funny thing about all the hand-wringing is that poor people are usually fricking themselves over with terrible financial decisions for luxury goods. If you need to save up for a PS4, get a fricking used PS3 with a bajillion included games off of Craigslist. And then when shit really hits the fan, these idiots end up taking a high-interest loan and carrying the balance.
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Redditor erasure
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I'd rather live with rough looking, used furniture or cheap ikea stuff than renting fricking furniture. Boggles my mind that people unironically do that
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i mean they need to be illegal and we need to create a system that allows lower income people to access capital at acceptable rates lol. payday loans are completely absurd and their intent is obvious, and that's what gets me. It's the intent of them - they're there to trap and prey on as many people as possible.
Society has at least some obligation to protect idiots from stuff like this.
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You will not find a solution that doesn’t rely on subsidizing consciously bad decisions with other people’s money if you perform any form of short term lending.
Payday loans have a high interest because the population that uses them has a 20% default rate by the first payment. Either (1) refuse to loan to high risk individuals at all, (2) operate at a loss because default rates for the services population will bankrupt the lender, or (3) operate at a loss but subsidize from other areas of cash flow (low risk lenders, government subsidy, charity).
To be clear, payday loans are the absolute fringe of the lending economy, being the bottom 12 million Americans that continually find new and interesting ways to rid themselves of money. They operate finances the same way an addict operates a heroin needle.
We also already have the existing solution to payday loan usage. It’s called bankruptcy.
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Jobs. They can get jobs
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I mean, you're supposed to use your credit card for vacations because the insane spending racks up points to gift you a free or heavily discounter vacation in the future, you're just supposed to be able to pay off your entire vacation immediately upon return with a checking/for fun account that already has your travel budget and maybe a bit extra.
You get 5x miles on a travel card for flights so a round trip to japan is like $2k so thats 10k points right there. Youll probably get another 5x on hotels and 3x on dining, so you can recoup like 25% of the points needed for a free flight in one vacation.
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I should have been more clear on the credit card, I mean they’re still paying off last year’s vacation lmao we use the credit card for it as well but yes the balance gets paid the second it’s listed on the account
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RIP interestcels
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thanku to all the interestcels who are funding the rewards points programs
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Yeah, except those stores that give you 0% finance are usually massively overcharging you for the product. There's some psychological trick where people think they're SUPER SMART with 0% and 'pay nothing for a year' on LOADSA MONEY when they could have got the goods much cheaper from a different store.
Blame all the other poors who take out loans and never pay them back. Financial services are a very competitive industry, if there were reliable money to be made charging dirt poor people 5% APR, someone would be doing it.
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there might be -- some type of psychological test for discipline and delayed gratification... not possible in the US of course.
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The test is not being poor
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That test is called ur credit score.
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kinda, but it's a very slow test.
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I miss the Sears outlet store. 50% off a brand new stove because there's a gouge in the side. You won't see it once it's installed in the countertop and still comes with a warranty.
Especially good for washers/dryers. Who gives a frick what it looks like as long as it cleans the clothes? It sits in the unfinished part of the basement
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!homeowners this dumbass thinks your furnace and water heater need to be in a livable area
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Just stop being poor, it's not that expensive or hard to have all standing area of your house appropriately finished. Do you even have a finished floor in your half bathroom? After all you only shit there.
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That's in the basement with the slop sink, so it has an epoxycoated floor.
It was originally one of those Pittsburgh Potty situations but I'm not a fricking animal so I built walls and proper lighting.
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Yeah, im not saying all areas of your house should look like the ritz carlton I'm just saying there should be some level of finishing in standing areas. An epoxy floor may be ugly and unergonomic, but it does show consideration and looks better than bare concrete, some decent pick and stick vinyl tiles over 1/4 rubber work well for utility areas without sacrificing function, and even some very simple ceiling curtains to hide furnace/ac and water heater will cost you 2 hours and less than $100.
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Well i mean, I did the cheap floor coating in the laundry area too. My point was, a dented dryer still works fine.
This is the "unfinished" part of my basement, with his-and-hers project areas
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Yeah nah that's fine. Workshops don't need to be gucci'd out and as far as I'm concerned if your shop looks like a woodworking mag, you're probably a do nothing gearqueer spending 60k a year on festo stuff to build a single birdhouse a year.
When i hear unfinished i think unfinished concrete floors, and unfinished concrete or cinderblock walls.
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basements can act as an extra room so you can shove 4+ rentoids into a 2 bedroom so finishing them is valid.
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No rentoids allowed. I set up an hdmi splitter so i can vidya anywhere in the house
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Oh that’s pretty neat. Here I am moving them to different TV’s and monitors like a fricking luddite.
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You can find these online now. Lookup "scratch and dent appliances".
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I'm not buying appliances online
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Nah, that's not how it works. The free interest thing makes money by charging you 35% back dated interest if you don't pay in full. It's not like people are making big purchases without doing some price comparisons.
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My experience shopping around for kitchens says otherwise
People were saying what a great deal it was to have 0% for 2 years on a 12k kitchen.
The exact same kitchen was less than 7K where I bought from. And this was when you could still get a 2% APR personal loan.
Counterpoint: foids
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Menards is the secret
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Nonmidwestcels don’t get 11% rebates on appliances
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Pondering layaway is a real skeleton key into understanding just how bad poors are with money. You may be able to rationalize payday loans or credit card debt but layaway? Why does that exist? Think about it.
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Because it allows a way for poors to buy big ticket items without engaging in usury
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Dont make me tap the sign
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These are the people that b-word about capitalism. They’re all financially r-slurred and dug themselves into a hole.
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This wouldn't have happened in a perfect system where i still get taco bell delivered to my front door
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I am starting to believe there is a reason why poor people dont have money. This is r-slurred. A payday loan wouldnt lend you the 1500 dollars because they accurately detected that you would struggle to pay it so instead you went to 3 different places and took three different loans instead.
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payday loans should be illegal tbh, and there should be cowtools in place for lower income people to access capital at acceptable rates.
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There are. When I was young and starting out, I had a $5000 line of credit from my bank linked to my checking account. I also had a shitty low-credit-limit credit card with no perks.
There aren't cowtools for lower-income people with bad credit at low interest rates because they are a credit risk. Making payday loans illegal just completely shuts them out of the financial system.
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payday loans are not a "financial system" lol. trhey are the very definition of predatory lending designed specifically to trap and exploit idiots.
anytime they face real regulation politicians in state houses rally against it, most of them with direct ties to the payday loan industry.
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Where did I say they were "a 'financial system,'" you illiterate mong? But to claim they aren't part of the financial system is even more economically illiterate. Payday loans and pawn shops provide loans no other institution would to idiots with bad credit. Poor people with good credit or no credit history do have options, contrary to your initial claim.
As opposed to any other industry?
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You said they would be shut out of the finanacial system.
If losing access to payday loans shuts them out of a finanacial system, in your own words, how are you not claiming they are in fact a finanacial system?
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Wow, you really are this braindead. I already spelled it out.
Payday lenders aren't a financial system, they are part of the financial system. No other part of the financial system is willing to deal with such high credit risks. Banning this last class of lenders shuts people with bad credit out of the financial system entirely, at least as far as short term loans go.
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Grants to live in liberia. You just have to renounce your citizenship and surrender your passport.
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Why are redditors 🤮 so poor? Imagine $450 PER MONTH being a lot of money.
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every time you see an anti semite imagine this guy
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So what would have happened to OP if he couldn't get these loans?
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Probably a hit to his credit score because he could'nt pay his bills or something
Or maybe he just wouldn't have been able to smoke weed and play mobile gacha games
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If your credit is so bad that you can't get a cash advance on a garbage-tier credit card (~28% APR, 5% fees) and yet you still need a short-term loan, it's better than nothing.
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We need to bring back loan sharks that break peoples' legs when they default. Teach them some financial responsibility.
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I went to the Starbucks at the Camino Real Marketplace by myself, like I usually did every morning. I ordered my coffee and sat down on one of their chairs to relax. A few moments later, when I looked up from my drink, I saw a young couple standing in line. The two of them were kissing passionately. The boy looked like an obnoxious punk; he was tall and wore baggy pants. The girl was a pretty blonde! They looked like they were in the throes of passionate sexual attraction to each other, rubbing their bodies together and tongue kissing in front of everyone. I was absolutely livid with envious hatred. When they left the store I followed them to their car and splashed my coffee all over them. The boy yelled at me and I quickly ran away in fear. I was panicking as I got into my car and drove off, shaking with rage-fueled excitement. I drove all the way to the Vons at the Fairview Plaza and spent three hours in my car trying to contain my tumultuous emotions. I had never struck back at my enemies before, and I felt a small sense of spiteful gratification for doing so. I hated them so much. Even though I splashed them with my coffee, he was still the winner. He was going home to have passionate heavenly s*x with his beautiful girlfriend, and I was going home to my lonely room to sleep alone in my lonely bed. I had never felt so miserable and mistreated in my life. I cursed the world for condemning me to such suffering.
Snapshots:
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Don't blame payday loan businesses. They provide a service to folks who need money with bad or no credit. The interest rates are so high because the default rate is high. Otherwise, they would not be able to stay in business. It's simple math. You should actually thank them for taking a risk on you and loaning you money in your time of need. Congrats on being responsible and paying off your debts!:
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And who's fault is it that they have horrible credit again? Not the pay day loan people.:
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Well im not debating that they are not predatory.:
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Nice post, bro! I posted it to twitter.
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Lol well I'm not loaning them any money! Unless I am legally allowed to kill the debtor if he can't pay it back. I guess a payday loan place isn't that bad.
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Buy insurance you bum.
There's like 42 people in the foster system and they're all miscreants.
Unironically cut people's hands off for shoplifting.
This almost never happens. If it did, a parent would get arrested.
OK this is actually shitty.
Hey Siri what is home insurance?
Nimby Redditors bog down homebuilding with regulations then can't figure out why rents go up. Supply and demand, chud.
Yes I'm sure the employer is a psychopath. I'm sure you always show up and don't smoke weed on site.
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