Loans

[Blk Mamba]

What do you think of "Payday Loans", the Co. that loans money at terribly high interest rates, and gets the poor hung up, to never get out?

[TiTo35]

You go in wanting $500 and wind up paying bout $2,000 back!!! OH Hell NO...:puke:

[teamrope]

What do you think of "Payday Loans", the Co. that loans money at terribly high interest rates, and gets the poor hung up, to never get out?

Legalized extortion. :bop:

[Black Dynamite]

two words:

"predatory lending"

Usury laws used to protect consumers from this sort of thing. Thanks to our politicians, those laws have been rescinded and those sorts of places thrive. Not too mention credit cards who can charge upwards of %30 interest rates. Hell, getting a loan from the mob is cheaper...

[Blk Mamba]

two words:

"predatory lending"

Usury laws used to protect consumers from this sort of thing. Thanks to our politicians, those laws have been rescinded and those sorts of places thrive. Not too mention credit cards who can charge upwards of %30 interest rates. Hell, getting a loan from the mob is cheaper...

Our local newspaper did a story on them Sunday, claiming that before you are done paying the interest is about 390%, yes 390%. My wife & I went for a ride and in a two mile stretch of main street, we counted 9 of them, some the same name in blocks of each other.

[ckadiddle]

Yep. They Suck! Amscot Sucks Too!

[Blk Mamba]

Whats AMSCOT?

[Bobmiddle]

In Las Vegas they are all over the place. I would say there is about 200 of in the city. I thought it was a Vegas thing but I guess not. I would say it would be a darn good business venture to go in to. I would take 300% returns on my money any day.

[RF Overlord]

Saw an ad on TV for a company that will loan you $5,000 and you pay back almost $10k. It even says right in the fine print, if you have a DVR and freeze-frame it, that the interest rate is 99.25%.

I guess if you have really awful credit, this is your only choice.

:shake: ANOTHER good reason to build and protect good credit.

[FreddieH]

Legalized Loan Sharking.

[Bluerauder]

What do you think of "Payday Loans", the Co. that loans money at terribly high interest rates, and gets the poor hung up, to never get out?
Payday lenders have been around for years. Most of them used to be located right outside the main gate of military bases to prey on the soldiers, sailors, airmen and marines that would "run out of money before they ran out of month". These folks needed short-term cash and didn't much look at the long-term consequences. Many got way in over their heads with the unbelievably high interest rates. Lots of them took the Scarlett O'Hara approach to the problem .... "I'll worry about that tomorrow".

Now Payday Lenders are more mainstream and they have found more folks to prey on. The rates are sheer extortion ... however, desperate folks take desperate measures.

[O's Fan Rich]

Kind of like furniture rental places.....
and companies like "Household Finance" and "Beneficial" same basic principle, take advantage of those who are in a desperate situation.
STAY AWAY FROM THEM!!!!!! Eat peanut butter and jelly for 6 months, give up beer, cancel your cable and internet do ANYTHING to keep their hooks from getting into you.

[ckadiddle]

Whats AMSCOT?
http://www.amscotfinancial.com/index.htm

Kadiddlebabe cashed an out of town paycheck there some time back before we were married. Fee was around ten percent. But they have Tootsie Rolls out on the counter for you so they seem more friendly.

[Dennis Reinhart]

What do you think of "Payday Loans", the Co. that loans money at terribly high interest rates, and gets the poor hung up, to never get out?

It was just like loans for the car title, they were banned in Fl, so now they have come back, with pay day loans, or post date a check type scam at 30% interest, these scum bags start up out side military bases, I think they are leaches.

[Hacklemerc]

When I was but a wee little young buck fresh into the Army I made the mistake of going to a payday loan place right outside of post. It took me 4 years to pay of a $2000 loan. I am not going to say how much I ended up paying back but lets just say it was wayyyy over what I borrowed. Payday loan/ title loan places suck.

[Aren Jay]

Max interest rate in Canada is 30% a year. They have cheque cashing services here, they take something like 20%.

But on the other hand, they don't force you to be poor and stupid and they offer a legal alternative to the mob or other criminal groups.

These guys might take your car or house but they won't take your daughter or your life.

Money is never bad or evil. Making money legally is not bad or evil. Some might even say making money in anyway is never bad or evil, except maybe banks.

Drugs may be bad or evil but if they were given away they would still be bad or evil, the money just shows that people want the said thing and are willing to pay for it.

Education and intelligence and real enforcement can stop drug use.

Don't blame the money, or the places that will give it to you.

[ckadiddle]

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[Vortex]

A "payday loan" is actually a short term, very high interest loan. What most people dont realize is the companies that make the loans are actually front companies for major US banks. They used to be illegal until fairly recently. A recent commercial had a lady on who says something like she needed a "payday loan" so she could pay her unexpectedly high water bill. This is exactly the type of customer that does not need a short term, very high interest loan. If she doesnt have enough cash to cover a water bill, she needs to borrow it from friends, church whatever as "payday loans" are exactly how the poor get poorer in our country.

[Aren Jay]

You missed the other part of that saying.

Yes the poor get poorer, but the rich get richer.

It is always good to get richer, so be rich not poor.

[Blk Mamba]

And what do you do if you are in the middle, watch them kill each other? My God does not allow me to stand idly by. I say the prey on the unsuspecting, without, truly divulging the actual interest rate, regaurdless, of the legal contract, that is binding. They are attempting to limit the number of them allowed in a certain population area here now, and I hope that it works. And no I did not get caught in one, but I drive by four on my way home each day, and see your grandmother taking her SSI check in there, and then not having dinner.

[Aren Jay]

Learning is accomplished in many ways. Bad things happening to you is one sure fire way to learn not to do something. This is the basis of prisons and the like, taken in the extreme. When the bad thing is not so bad you may learn to accept it. The payday loan place is not all that bad. If you compare what they do and how they do it compared to credit cards, particularly the local store ones, then you will see something else.

Only stupid people carry debt on store credit cards. Payday loan stores do not rake in the money that credit cards do, but they still make money, otherwise why do it? I would rather have a Payday loan take $300 from some poor stiff every month than a drug dealer or gang. (they will say)

Yes people always get hurt, but it is a life lesson and a very good educational tool. If anything payday loan companies are high risk, for the owners, but ways of extending the financial services of banks to those who do not use banks. It also drives people to banks, just like the credit counselling services. (who do you think sets them up?)

Making people happy to do business with banks, they are a great tool. They also provide a service to the people who need these services and to the few who lose everything, they provide atleast a hope, and an education of reality, to the losers.

Then the credit counselling serivce steps in and educates them further. Brings them back to reality and makes good bank customers out of them.

Evil resides in banks, smiles and is friendly.