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Online installment loans have taken the subprime market by storm

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Re: Online installment loans have taken the subprime market by storm

#61

Post by geggam »

mikestew wrote: post #25
geggam wrote: post #22

Earlier quoted context omitted.

Wrong. 5 decades in, started in the trailer park and worked my way up. Had enough life challenges to understand how this stuff works.

Then I guess option B is all I’m left with.

OK little story here

Abusive drunk family, plenty of legal issues as a child, ran over by a drunk driver, ( flatlined 3 times in ICU for a month and disabled ), divorced 2 times, 2 kids, married again, adopted 2 kids, worked my way into silicon valley, now I do ok

cliff notes of my life. Judge me all you want but what I have learned is life is a fight to the death. You can lay down and let it run over you complaining about how the deck is stacked against you or you can do the best you can.

Your choice. I have and will continue to help those who I see fighting the good fight but I have no empathy for quitters.

Re: Online installment loans have taken the subprime market by storm

#63

Post by toomuchtodo »

geggam wrote: post #53
toomuchtodo wrote: post #33

Earlier quoted context omitted.

It’s uncharitable to have a disdain for those without empathy when a large component of success is luck? If you think success is guaranteed with grit and hard work, you are woefully misinformed. You can do everything right and still fail hard. “Personal responsibility” is a dog whistle for the willful ignorance of the necessity of government regulation and social safety nets.

Granted I only have 5 decades of perspective but I have noticed people who get lucky tend to be the ones who dont quit. The ones who quit tend to call those who dont quit lucky.

And those who don’t quit and still die in the gutter? “Lack of hustle”?

Your five decades is a drop in the bucket of human experience. I recommend more empathy and introspection on suffering of your fellow human.

Re: Online installment loans have taken the subprime market by storm

#64

Post by Kalium »

notus wrote: post #2

I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.

> I think the government could break even with much more reasonable interest rates

This is a big claim to make. Do you have some data to back it up?

Re: Online installment loans have taken the subprime market by storm

#65

Post by wefarrell »

MuffinFlavored wrote: post #12

What's HN's opinion on 0% balance transfers? Yes, there's usually a 3% fee but... I've been able to borrow about $5k-$12k for a one time 3% fee over 18 months multiple times in a row now. I make sure to always pay the balance back before it is due. Why don't more people who need a cash infusion do this?

I try to keep myself in as much 0% APR debt as possible, almost at 100K. It’s all on business cards that don’t report to credit bureaus so it doesn’t impact my credit utilization. Instead of balance transfers (which have a 3% fee and a low limit) I put my quarterly taxes on my CC, which you can pay for 1.8%.

Re: Online installment loans have taken the subprime market by storm

#66

Post by philipov »

blhack wrote: post #59
philipov wrote: post #47

Earlier quoted context omitted.

> Instead we should be looking at ways to make it so that giant unpredicted expenses don’t happen at all. Or maybe fix it from the other end: reduce inequality so fewer people are living paycheck to paycheck and can actually build savings to use for unpredicted expenses.

I’m sorry but this is a ridiculous, unactionable answer that is functionally equivalent to “well we should make things better”. Yes of course we should, HOW? We need more innovative solutions to these problems. I like seeing electric bicycle shares, I like seeing community-based, high density housing with shared kitchens and bathrooms, I like predictive diagnostics and telemedicine (although the FDA is fighting it).

How about paying people more? That's pretty actionable. Jeff Bezos doesn't need 100 billion dollars. "Just get rid of unexpected expenses" is the one that sounds ridiculous to me.

Re: Online installment loans have taken the subprime market by storm

#67

Post by kirykl »

ceejayoz wrote: post #57
kirykl wrote: post #29

Earlier quoted context omitted.

What are the negative consequences of filing for bankruptcy for the individual? If you're at the point where bankruptcy is recommended, it's only up from there. They are either discharged of their debt or able to protect a house thru a payment plan.

Might have trouble finding an apartment. The lowered credit score will probably cause increased costs for things like car insurance. Life insurance may be a no-go. Employers in some industries do credit checks, too. It's a good option in crushing debt, but it's not without significant mid-term downsides.

If they are in the ballpark of bankruptcy, their credit score will already be destroyed. Bankruptcy will actually improve a credit score

Re: Online installment loans have taken the subprime market by storm

#68

Post by d--b »

blhack wrote: post #35

Okay these loans certainly sound like a bad deal, but what are people supposed to do? Say your car breaks and you can’t get to work. For all of us here billing out >$100hr or whatever your local consulting rate is, the answer is some calculus around the cost of losing your job vs the cost of fixing it. But for MOST people, the cost of fixing it is functionally infinite. They literally do not have even a few hundred d…

Sure, but wouldn't be better for most people in this situation to simply default on their current debt, that take on these 150% loans that will bankrupt them just as well 2 years later.

Re: Online installment loans have taken the subprime market by storm

#69

Post by CydeWeys »

geggam wrote: post #30
ceejayoz wrote: post #23

Earlier quoted context omitted.

How does your "functioning society" handle the disabled? Into the Soylent Green factory with them?

Their family has that responsibility. I dont mind society creating allowances but the US has went too far and created barriers to small businesses with all of the disability requirements. I have many friends with small businesses that would like to start their own shop but the toilet requirement alone is almost 100k in up front cost. Ridiculous.

They don't, though. Once someone turns 18 they are legally no one's responsibility but their own self's.

Re: Online installment loans have taken the subprime market by storm

#70

Post by adamredwoods »

blhack wrote: post #59
philipov wrote: post #47

Earlier quoted context omitted.

> Instead we should be looking at ways to make it so that giant unpredicted expenses don’t happen at all. Or maybe fix it from the other end: reduce inequality so fewer people are living paycheck to paycheck and can actually build savings to use for unpredicted expenses.

I’m sorry but this is a ridiculous, unactionable answer that is functionally equivalent to “well we should make things better”. Yes of course we should, HOW? We need more innovative solutions to these problems. I like seeing electric bicycle shares, I like seeing community-based, high density housing with shared kitchens and bathrooms, I like predictive diagnostics and telemedicine (although the FDA is fighting it).

Peer-to-peer unsecured micro-loans at low interest rates, instead of GoFundMe.
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