Guardian-Ryona's avatar

Guardian-Ryona

Follower of the Light
25 Watchers49 Deviations
20.6K
Pageviews
Hi everyone,

It came to my recent attention that the Consumer Financial Protection Bureau (CFPB) is expected to propose new rules that will affect short-term loans (i.e. Pay Day Loans). The rules were made in the belief that it'd give customers time to think on "whether they actually need the loan" or "whether they actually need the amount they want to borrow".

I do not believe that...peoples' financial situations change at a moment's notice, and if they need the money, they'll try to get it wherever possible. Ultimately, in the end, Pay Day Loans are and always will be a product that customers CHOOSE to use (or not).

A while back, I hated loans with a passion because of how hard they can be to pay back as well as the costs associated with making minimum payments (or being late to pay back). However, when I started working for Advance America back in February of 2014, I came to realize how important these short-term loans are to some people. Some people use it as a stepping stone to build their credit rating quickly, some use it to cover shortfalls in their paycheck, and some use it constantly because to them, a Pay Day Loan IS a secondary paycheck to them (after they pay the fee and redo their loan for the same or greater amount). Most banks aren't willing (or flat out refuse) to offer short-term loans, especially when they got a lot of money to make from the larger loan services/products they offer.

In my time working for Advance America, I've heard the stories, I've seen the gratitude of customers that were able to get the money they desperately need, and I've seen the heartbreak of those that truly do need the money, but can't because they lack certain requirements. In my opinion it is already hard enough for people to get a short-term loan. There's certain requirements that have to be met (Proper documentation, verification of income, etc.), all requests are subject to credit approval (for those with poor or no credit history, the most some can borrow is $100 (the PDL minimum in MI)), and of course there's the lazy, cheap people that only want "free money" and won't pay back...and because of those type of people, it leads to safeguards that affect the good customers.

The CFPB is basically assuming that people are hastily making irrational, irresponsible decisions when it comes to short-term loans. It is not the place of a government entity to decide how people use certain loan products, especially when everyone's financial situation is so drastically different from person to person. Down below is a link to a petition on the White House website that expires November 19th...this Thursday! We need 100,000 signatures for the White House to review it and give an official response. As of the posting of this journal, we're approximately 3,600 signatures away from that goal.

Since this is a petition originating on WhiteHouse.gov, it is most likely that non-US Citizens will be able to sign the petition. In that case, merely passing the word along will do just as good in case you have friends in the US that hasn't heard about this.

Thanks for all your help!

petitions.whitehouse.gov/pe...…
Join the community to add your comment. Already a deviant? Log In
Last saturday was my new boss's final day at Advance America up here in Ironwood, MI before she transferred to Madison, WI to be closer to her family. So now I'm gonna' be clocking overtime all by myself until a new manager comes around.

So yeah, I'm not dead, but I'm too exhausted to think otherwise @-@

Take care people until I can actually do something on here for once.
Join the community to add your comment. Already a deviant? Log In

Busy Times

1 min read
Hi everyone. Forgive my absence from DA for the long time...it's been very hecktic and busy in my life as of late, especially with my job holding me down.

I'll be able to come on here more often now that I finally have someone else working with me at my job.

For those who don't know, let me explain: I got a job working at Advance America back in February of this year. In May, not long after I completed all my training, my boss resigned for a better job, leaving me to operate the store by myself for the past 3 months. Now a new manager has been hired and now I'll be able to have days off again. During my loneliness at work I've been slowly breaking the creative block that has diminished my artistic output. Eventually, I hope to get as active as I was back when I started.

So yeah; just to let you all know, I"m not dead XP
Join the community to add your comment. Already a deviant? Log In

I know it's been a while since I've done something but man has the last half of the year been....wow x-x

Well I just wanted to take some time out and say Merry Christmas and Happy Holidays to all! =D

 

Join the community to add your comment. Already a deviant? Log In

Sorry to inform you all, but my livestream of Aion 4.0 is cancelled...as well as the others I have planned.

My internet is powerful, but it's not powerful enough to support Aion and Livestream.

Forgive me if it's an inconvenient setback for you people that were looking forward to it. v.v

Join the community to add your comment. Already a deviant? Log In
Featured

Urgent Petition! Please Read, Sign, and Share! by Guardian-Ryona, journal

Here we go again... by Guardian-Ryona, journal

Busy Times by Guardian-Ryona, journal

Merry Christmas Everyone! by Guardian-Ryona, journal

Livestream Cancelled by Guardian-Ryona, journal