Fortunately, #PaydayLoans are de-facto #illegal in #Germany because they not only violate expectable terms and conditions but essentially are what's called "#Sachwucher" or "effective extortive terms" and require a desperate, "inexperienced or otherwise not able to consent informed" individual, which makes said deals #exploitative and thus a felony, because #ConsumerProtection is something that exists in the #EU in general!

#USpol #Finance #PaydayLoan #LoanSharks #Billionaires #AndressenHorrowitz #LarryEllison #Enshittification #WorkingPoor #AntisocialSystem #Employment #Precariat #Insecurity #USA #US

Advice from the #CFPB helped me to beat a bad debt that wasn't mine in court (I was my own lawyer). Armed with pertinent questions for the debt owner, I was able to prove that it wasn't my debt. But I wouldn't have been able to do it without that information (not without hiring a lawyer, which could end up costing more than the debt)!

Workers at the CFPB watch hopelessly as the GOP undoes their work

By KEN SWEET
Updated 7:27 AM EDT, July 15, 2025

NEW YORK (AP) — "The lights are on at the Consumer Financial Protection Bureau across the street from the White House, and employees still get paid. But, in practice, the bureau has been mostly inoperable for nearly six months. CFPB employees say they essentially spend the workday sitting on their hands, forbidden from doing any work by directive from the White House.

"The bureau is supposed to be helping oversee the nation’s banks and financial services companies and taking enforcement action in case of #wrongdoing. Instead, the situation is Kafkaesque: the main function seems to be undoing the #rulemaking and law enforcement work that was done under previous administrations, including in President Donald Trump’s first term.

"American consumers can no longer look to the bureau for help when it comes to their checking account, credit card, #PaydayLoan, auto loan or #mortgage. Trump has neutered the watchdog, employees say, the culmination of a yearslong effort by Republicans who felt the agency often went overboard in its efforts."

Read more:
https://apnews.com/article/cfpb-vought-trump-rohit-chopra-banks-consumers-fef24aa0d7fdf46967df8041586743bd

#ConsumerProtection #TrumpSucks #USPol #CorporateColonialism #PaydayLoanSharks #Debt #IdentityTheft #BankFees #CollectionAgencies

Reading this story about new #paydaylending methods and the people who live paycheck-to-paycheck is super depressing.

These aren't the pejorative "burger flippers" but people working in offices, health care and manufacturing.

Or in other words: every US worker.

https://apnews.com/article/earned-wage-access-costs-payday-loans-9679d1bd09546d12074e0f27e23f0632

#paydayloan #povertypay #LivingWage

Robert Shrimsley (FT) on a #PaydayLoan of a budget:

'This was a payday loan of a Budget, designed to get a hand-to-mouth government from here to the election. Reliant on borrowing, it shifts no fundamentals & the justifiable fear for the Conservatives is that when the loan expires, they will find themselves no better off... [it] was a stop-gap exercise to be revisited once the country has voted'!

The term 'bad faith' sums up #JeremyHunt's day today!

Wow.
"The FCAC's 2020-21 COVID-19 #Financial Well-being Survey showed that approximately 2 per cent of #Canadians used an online non-bank lender or #PaydayLoan company in the previous 12 months."

Payday loans are crazy #expensive, often close to 60% p.a. (sixty!) if you include the fees. Charging above 60% is #criminal #usury in #Canada. However, loans of up to $1500 are exempt, so the typical payday loan #lender could charge even more.
#poverty #money #ripoff #poor

#Scammers prey on #PaydayLoan borrowers

#scam #scams

https://wp.me/p7t3mm-2ea