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Payday loaning business question?
Posted on 3/28/15 at 6:52 pm
Posted on 3/28/15 at 6:52 pm
Is it American capitalism in its purest form, or is it common loan sharking which has found a loophole in the law?
Thoughts....
quote:
Fees for payday loans are high. Annualized, they can equate to interest rates of 456 percent. The payday loan industry says the high rates are necessary in order for the industry to make a profit, in large part because so many people default on the loans. Capping interest rates would force many of the lenders out of business, advocates say.
Thoughts....
12
Posted on 3/28/15 at 6:57 pm to BarberitosDawg
My goal in life is to own a strip mall containing a payday/title loan company, liquor store, and a beer store/tobacco store.
So... no comment.
So... no comment.
Posted on 3/28/15 at 6:57 pm to BarberitosDawg
quote:
common loan sharking which has found a loophole in the law
Pretty much this.
Posted on 3/28/15 at 7:09 pm to BarberitosDawg
My favorite is the astronomical interest people pay at pawn shops after putting their only valuables up as collateral. 
I understand sometimes your back is against the wall, but it's like a compounding effect of bad decisions. I couldn't own a pawn shop/pay day loan business. I'd feel shitty after seeing so much desperation day in and day out.
I understand sometimes your back is against the wall, but it's like a compounding effect of bad decisions. I couldn't own a pawn shop/pay day loan business. I'd feel shitty after seeing so much desperation day in and day out.
Posted on 3/28/15 at 7:10 pm to BarberitosDawg
quote:
or is it common loan sharking which has found a loophole in the law?
It's worse than loan sharking, it's legal. It's the exact opposite of capitalism, it's corporatism.
Posted on 3/28/15 at 7:30 pm to BarberitosDawg
I like it.
Posted on 3/28/15 at 7:30 pm to DownSouthJukin
quote:
My goal in life is to own a strip mall containing a payday/title loan company, liquor store, and a beer store/tobacco store. So... no comment.
Put it in a town with a military base.
ETA: a car lot attached could be a good idea, too.
This post was edited on 3/28/15 at 7:31 pm
Posted on 3/28/15 at 7:39 pm to BarberitosDawg
Don't see how it's any different than gambling. If you don't know what you're getting into, well, don't be stupid and live better.
Posted on 3/28/15 at 7:41 pm to the808bass
quote:
Put it in a town with a military base.
ETA: a car lot attached could be a good idea, too.
Used car sales/car rental
Posted on 3/28/15 at 7:54 pm to DownSouthJukin
quote:
goal in life is to own a strip mall containing a payday/title loan company, liquor store, and a beer store/tobacco store.
Don't forget the pawn shop
Posted on 3/28/15 at 8:14 pm to BarberitosDawg
Has higher interest rates than loan sharking.
Loan sharks and the mob that runs them are suckers compared to the Payday Lenders. Plus, the Payday Loan companies pay off the politicians to give them cover. It is de facto the same thing as Organized Crime.
Horrible.
Loan sharks and the mob that runs them are suckers compared to the Payday Lenders. Plus, the Payday Loan companies pay off the politicians to give them cover. It is de facto the same thing as Organized Crime.
Horrible.
Posted on 3/28/15 at 8:27 pm to Agforlife
quote:
Don't forget the pawn shop
I guess I can squeeze that in.
Posted on 3/28/15 at 8:44 pm to DownSouthJukin
Don't forget to put a strip club at the end. Seven bucks for a long neck adds up quick.
Posted on 3/28/15 at 8:46 pm to Tantal
quote:
Don't forget to put a strip club at the end. Seven bucks for a long neck adds up quick.
That takes extra special rules in MS, and a lot more scrutiny than being usurious. Morally: Stealing < Titties. No thanks, boobs.
This post was edited on 3/28/15 at 8:50 pm
Posted on 3/28/15 at 8:49 pm to BarberitosDawg
Posted on 3/28/15 at 11:35 pm to BarberitosDawg
quote:
common loan sharking which has found a loophole in the law?
Of course, it is. Any time a Tennessean invents something or otherwise becomes famous in the banking industry be afraid. For past reference - See: Jake Butcher and the largest (at the time) US banking scandal in American history. For the present see the payday loan industry (yep that was one of us as well).
BTW, steer clear of us on health insurance/health industry innovations. See: Bill Frist and family, HCA and the largest ripoff of US taxpayers via mediacare/medicaid fraud in US history. HCA settled for 2 billion and Bill Frist ran for the US Senate mainly to keep the family and company out of jail. OH and some guy named Gov. Rick Scott? Yeah that guy in Florida? He happened to be Chairman of HCA at the time of all this fraud. Years later he's demanding pee tests that just happen to this time legally defraud tax payers who are needlessly paying for them before the courts can strike that shite down but hey the state still has to pay the bill for all those tests you can get in before the courts say no. Everything is a con aimed at the government coffers/taxpayers (the fattest wallet in the world is the US taxpayer and everyone is trying to lift it), even piss testing welfare folks is about conning the taxpayers and making someone other than you rich.
This post was edited on 3/28/15 at 11:41 pm
Posted on 3/28/15 at 11:37 pm to Agforlife
quote:
Don't forget the pawn shop
Nor the bail bonds office and impound yard.
Posted on 3/29/15 at 12:04 am to BarberitosDawg
Its usery. Should be banned.
Posted on 3/29/15 at 2:44 am to BarberitosDawg
quote:
The payday loan industry says the high rates are necessary in order for the industry to make a profit, in large part because so many people default on the loans
LINK /
Western Sky, for example, is one of the worst. These places are predatory and will trap you in loan repayments forever until you hit the lotto or die.
Posted on 3/29/15 at 5:30 am to Prof
quote:
Prof
I try and steer clear of Tennessers of any kind. Not a pleasant lot.
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