Tag: installment loan


Dinosaurs, CFPB, Parasites, Lobbyists and the Payday Loan Ability to Pay Rule

Will the fools in D.C – both so-called consumer protectionists and bureaucrats – ever comprehend the payday loan product is going the way of the dinosaur? They continue to beat a dead horse! Artificial intelligence (AI), instant bank verification, social media activity in regards to underwriting decisioning, same-day funding, virtual debit cards, wage advance apps, the SMARTPHONE,  Fintech… are all contributing to the demise of the old-school “payday loan.”


Image by Capri23auto from Pixabay

“The business of lending to the masses” has leapfrogged these incumbent parasites who rely on lobbyists to ensure they enter office penniless and exit, usually on their death bed, multi-millionaires.

These parasites bemoan the latest edict issued by the CFPB regarding an “ability to repay” rule. Only an idiot would loan money to an unemployed, over-leveraged peasant! Oh, wait! The government – I mean taxpayers, few that there are left will subsidize the loans that cannot be repaid.

In the current environment, many of these parasites should celebrate this latest ruling. Many will need access to taxpayer money while lacking the ability to pay it back. Oh, wait again. Forbearance! Forgiveness! The jubilee is coming to a state near them.

The bourgeois is burning down their house. Of course, the parasites will need help filling out their job application since many lack the ability to fire up their own iPad. But hey, the lobbyist in the next cubicle will offer their services.

To be clear, I’m not saying demand for payday loan styled small-dollar, accelerated, hassle-free, quick, and easy loans are in decline. At least not in the long-term. With the FED’s “printing presses” spitting out cash to anyone who can breathe many brick-n-mortar loan stores are not exactly carrying tons of cash to their bank from new loan originations.  But long term? The business of lending to the masses? The future is OURS!

PS: Details? Reach out to Jer TrihouseConsulting@gmail.com

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