« Anti-Predatory Lending Legislation in House | Main | Warren on Marketplace Morning Report »

Predatory Lenders Unite!

posted by Elizabeth Warren

At last, a website for predatory lenders! A place to get together to swap ideas about how to maximize profits, tips on racial profiling, and ways to get around the new laws insulating military families from payday lenders. There is a handy fee calculator, so a novice predatory lender can make sure it getting the most out of its predatory loans. There's even a blacklist.

Most of all, this site combats the public's misunderstanding that predatory lending is bad.

Check it out. The site is wicked.


If this site is real, and not an "Onion" type of satire, it's scary as hell!

This site you are talking about is pure satire! Personally I think it is playing dirty and I can't believe that someone would try to pass this off as real to bash the payday loan industry! Whoever did this is scum! I would bet that the majority of the people opposed to the payday loan have never been in a situation where they needed one. People say there are better options. Well most people aren't completely stupid! If there was a better option, they would use it! Payday loans are a choice! For some it works for them and can help them out of a tough situation. There will always be the borrower who is just trying to score their next bag of weed or get money to drink on, but what about the person that is about to have a couple of small checks hit the bank and because of an accounting error they made by accident, their bank is going to charge them $34 for each check and then demand that they cover this fee by the next day? (What’s the APR on that 1 day loan?) What about the senior on welfare that needs a prescription not covered by their Medicare? What about the working single mother that is about to have her electric shut off in the middle of December? There are reasons that the service serves people for the good. ME INCLUDED! There are also people that will abuse the system and get themselves in debt. People that don’t think. But that doesn’t mean that we need our government to think for everybody! Don't take away what for some is the only option available to them! In a free country, people are free to do good and bad. Free to do smart things and stupid things. That is the price of freedom. The government needs to keep their noses out of the business of American people!

The comments to this entry are closed.


Current Guests

Follow Us On Twitter

Like Us on Facebook

  • Like Us on Facebook

    By "Liking" us on Facebook, you will receive excerpts of our posts in your Facebook news feed. (If you change your mind, you can undo it later.) Note that this is different than "Liking" our Facebook page, although a "Like" in either place will get you Credit Slips post on your Facebook news feed.



  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless ([email protected]) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.