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Posted: 5/28/2015 4:21:16 PM EDT
[#1]
Compared to most that is a low interest rate. That indian chick on TV has a 300+ percentage rate.
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Posted: 5/28/2015 4:22:32 PM EDT
[#2]
Being stupid is supposed to hurt.
No one forced them to take the loan. |
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Posted: 5/28/2015 4:22:35 PM EDT
[#3]
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile |
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Posted: 5/28/2015 4:22:37 PM EDT
[#4]
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Posted: 5/28/2015 4:23:03 PM EDT
[#5]
Perhaps if your employee was better with money they wouldn't have had to borrow from a predatory lender in the first place.
No sympathy. |
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Posted: 5/28/2015 4:24:38 PM EDT
[#6]
Quoted:
I have a few employees that are good honest people, but not so bright financially. Anyway I get a wage garnishment for one of them who got a loan for $1000 and some change. It was a 16 month payment plan that netted the lender $750 profit. They then stupidly defaulted and now I have to take it out piece by piece. Now I am not pissed about the lender wanting to be made whole with some profit as that is why they are in business. However it's the interest rate of 85.17% that pisses me off! I would guess you could get a better loan fro the mob and better incentive to pay it back on time! My employee was a total moron to sign on the dotted line at that interest rate so he is also at fault. These places rip off the no so bright in the world and get away with it. Total scum! Why blame the lender? Did anyone hold a gun to your guys head to force him to accept the loan? Maybe the interest was high because your guy already had fucked up credit and that was the only offer he could find. I don't understand how a lender can be called predatory. Don't borrow if the terms are lousy, it's just that simple. In a free market economy borrowers are free to choose the best terms they can find. |
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Posted: 5/28/2015 4:25:01 PM EDT
[#7]
This
Quote HistoryQuoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile Quote HistoryQuoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile and this Quoted:
Being stupid is supposed to hurt. No one forced them to take the loan. "Predatory lender" is a term coined by liberals. |
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Posted: 5/28/2015 4:25:55 PM EDT
[#8]
If they're going to a quickcash joint, odds are those are the only lenders willing to give them the time of day.
It isn't one bad decision that got them there, it's a shitload of poor financial decisions. It's like the folks who bitch about the "note and tote"/"we finance here" car lot interest rates. Ask them why they went there and they'll tell you "nobody else could finance me". no sympathy. |
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Posted: 5/28/2015 4:26:01 PM EDT
[#9]
Quote HistoryQuoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile Agreed, the lender is still a dick though... |
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Posted: 5/28/2015 4:26:20 PM EDT
[#10]
Two parties had an agreement in which one would front money to another on good faith that the other party would repay with interest. Then one party failed to uphold his end of the hand shake. They only scum I see is the party whose good word is worthless.
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Posted: 5/28/2015 4:29:04 PM EDT
[#11]
Quote HistoryQuoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. This. |
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Posted: 5/28/2015 4:29:55 PM EDT
[#12]
Quote HistoryQuoted: "Predatory lender" is a term coined by liberals. Not necessarily. We briefly represented a scummy sub-prime mortgage lender and their practices were absolutely predatory, to the point of adjusting their fees just prior to (as in minutes before) closing once they saw the borrower's updated bank account balance. Since we were supposed to be representing the lender and the borrower (which usually does not present a conflict of interest) I started refusing to do closings for them. I did not feel that I could ethically represent both sides, since making ethically required disclosures to the borrower would compromise the lender's position. |
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Posted: 5/28/2015 4:30:26 PM EDT
[#13]
Quote HistoryQuoted: This. Quote HistoryQuoted: Quoted: "Predatory lenders" Nobody's forcing your crew to borrow money at exorbitant interest rates. This. There's a lot more to predatory lending than high interest rates. |
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Posted: 5/28/2015 4:31:39 PM EDT
[#14]
Quote History |
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Posted: 5/28/2015 4:32:03 PM EDT
[#15]
Clearly the high interest rate was not warranted because the default risk was very low.
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Posted: 5/28/2015 4:32:28 PM EDT
[#16]
They agreed to the interest rate didn't they?
There's no such thing as predatory lending. Just dumb asses that complain when the stupid hurts. |
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Posted: 5/28/2015 4:32:39 PM EDT
[#17]
Quoted:
I have a few employees that are good honest people, but not so bright financially. Anyway I get a wage garnishment for one of them who got a loan for $1000 and some change. It was a 16 month payment plan that netted the lender $750 profit. They then stupidly defaulted and now I have to take it out piece by piece. Now I am not pissed about the lender wanting to be made whole with some profit as that is why they are in business. However it's the interest rate of 85.17% that pisses me off! I would guess you could get a better loan fro the mob and better incentive to pay it back on time! My employee was a total moron to sign on the dotted line at that interest rate so he is also at fault. These places rip off the no so bright in the world and get away with it. Total scum! Are Rent-A-Centers predatory too in your book? What about all the users on this very site who were selling M855 for a buck a round? |
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Posted: 5/28/2015 4:32:41 PM EDT
[#18]
Predatory lending exists , just like "price gouging" and Bigfoot
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Posted: 5/28/2015 4:32:53 PM EDT
[#19]
You know what happens to an ecosystem when all the predators are gone?
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Posted: 5/28/2015 4:33:11 PM EDT
[#20]
Quote HistoryQuoted:
"Predatory lender" is a term coined by liberals. Actually the term was coined by the banking industry. |
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Posted: 5/28/2015 4:33:31 PM EDT
[#21]
That high interest rate is high because of the risk to the lender.
You want low interest rates, you gotta be credit worthy. You don't take care of business, and have crappy credit, than the risk to the lender not getting paid has to be offset with high interest rates. In short, not the lenders fault your guy is an idiot. That said, I couldn't do that for a living. Kinda like owning a liquor store. Nothing wrong with it at all, but I don't think my conscience would allow me to do it for a living/ seeing what happens to my customers as they make poor decisions. |
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Posted: 5/28/2015 4:35:11 PM EDT
[#22]
Check state law, and see what protections are in place that address usury
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Posted: 5/28/2015 4:35:43 PM EDT
[#23]
Quote HistoryQuoted:
Being stupid is supposed to hurt. No one forced them to take the loan. This. It should also be expensive. Rightfully so. |
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Posted: 5/28/2015 4:36:30 PM EDT
[#24]
Quote HistoryQuoted:
That said, I couldn't do that for a living. Kinda like owning a liquor store. Nothing wrong with it at all, but I don't think my conscience would allow me to do it for a living/ seeing what happens to my customers as they make poor decisions. Dude, owning a liquor store is pretty freakin' sweet. 
That being said, I'm primarily a wine shop, I generally cater to a little bit higher-end clientele than the Night Train and MD 20/20 crowd. 
I do have a few "frequent flyers" that I feel bad for, but hell, I didn't make them drunks. |
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Posted: 5/28/2015 4:36:44 PM EDT
[#25]
Quote HistoryQuoted:
Compared to most that is a low interest rate. That indian chick on TV has a 300+ percentage rate. You know you want to bang the tatanka out of her! 
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Posted: 5/28/2015 4:36:59 PM EDT
[#26]
Quote HistoryQuoted:
There's a lot more to predatory lending than high interest rates. Quote HistoryQuoted:
Quoted:
Quoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. This. There's a lot more to predatory lending than high interest rates.
This isn't the local mafia goon shaking you down for "protection money." This is two parties willingly entering into a contract. Posted Via AR15.Com Mobile |
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Posted: 5/28/2015 4:37:59 PM EDT
[#27]
Quoted:
I have a few employees that are good honest people, but not so bright financially. Anyway I get a wage garnishment for one of them who got a loan for $1000 and some change. It was a 16 month payment plan that netted the lender $750 profit. They then stupidly defaulted and now I have to take it out piece by piece. Now I am not pissed about the lender wanting to be made whole with some profit as that is why they are in business. However it's the interest rate of 85.17% that pisses me off! I would guess you could get a better loan fro the mob and better incentive to pay it back on time! My employee was a total moron to sign on the dotted line at that interest rate so he is also at fault. These places rip off the no so bright in the world and get away with it. Total scum! Stupid hurts sometimes! Did the lender put a gun to their head and force them to sign? |
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Posted: 5/28/2015 4:39:11 PM EDT
[#28]
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Posted: 5/28/2015 4:39:34 PM EDT
[#29]
You should raise your employee's wages so they don't need to take out these kinds of loans.
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Posted: 5/28/2015 4:41:06 PM EDT
[#30]
Consider offering this in your workplace if you have that many employees who exhibit the need for it and you care about them at all.
https://www.daveramsey.com/financial-wellness/solutions/ |
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Posted: 5/28/2015 4:41:52 PM EDT
[#31]
All you smart guys with no fucks to give need to understand that you could not have your superior IQ without someone else having an inferior one. There are genuinely feeble minded people who cannot think their way out of a paper sack - OK, maybe they can, but nevertheless, there are people out there of low intellect who are susceptible to the manipulations of shysters. Christians should care. Atheists, if their claims are true, should care too.
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Posted: 5/28/2015 4:43:22 PM EDT
[#32]
I bet most of their customers are grateful for the service; no one forced them through the door.
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Posted: 5/28/2015 4:43:37 PM EDT
[#33]
Yeah, the "quick loan" places are scum. They're also the only places that will lend money to people who make poor financial decisions. I assume the garnishment was in the form of a court order. If not, I'd toss it in the trash - their collection issue is not your's to solve.
It's a shame that you got dragged into the middle of that employee's drama, but there you are. There's really not much you can do - not like you're the father to your employees. If you really wanted to waste YOUR time and money, you could hold personal financial management training on all of them - something I had to do with a lot of my young Sailors back in the day. |
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Posted: 5/28/2015 4:43:51 PM EDT
[#34]
Quote HistoryQuoted:
All you smart guys with no fucks to give need to understand that you could not have your superior IQ without someone else having an inferior one. There are genuinely feeble minded people who cannot think their way out of a paper sack - OK, maybe they can, but nevertheless, there are people out there of low intellect who are susceptible to the manipulations of shysters. Christians should care. Atheists, if their claims are true, should care too. If I'm to understand GD...Loansharks=Good, Car Salesmen=Bad? |
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Posted: 5/28/2015 4:44:15 PM EDT
[#35]
Quote HistoryQuoted: This isn't the local mafia goon shaking you down for "protection money." This is two parties willingly entering into a contract. Posted Via AR15.Com Mobile Quote HistoryQuoted: Quoted: Quoted: Quoted: "Predatory lenders" Nobody's forcing your crew to borrow money at exorbitant interest rates. This. There's a lot more to predatory lending than high interest rates. This isn't the local mafia goon shaking you down for "protection money." This is two parties willingly entering into a contract. Posted Via AR15.Com Mobile Perhaps you should read my other post. Maybe I have some professional experience. |
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Posted: 5/28/2015 4:45:13 PM EDT
[#36]
bUy his paper in only charging 50 percent interest :-) actually you would be doing him a favor
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Posted: 5/28/2015 4:45:40 PM EDT
[#37]
Sucks being stupid
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Posted: 5/28/2015 4:46:30 PM EDT
[#38]
Quote HistoryQuoted:
All you smart guys with no fucks to give need to understand that you could not have your superior IQ without someone else having an inferior one. There are genuinely feeble minded people who cannot think their way out of a paper sack - OK, maybe they can, but nevertheless, there are people out there of low intellect who are susceptible to the manipulations of shysters. Christians should care. Atheists, if their claims are true, should care too. Why do you hate capitalism? |
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Posted: 5/28/2015 4:46:41 PM EDT
[#39]
What the usual half-bright stampede of derp tards are forgetting in their rush to get some platitudes into this thread is that the high/interest-high/risk loan equation has been altered by government intervention in the case described by the OP.
The government is intervening to garnish the wages of the idiot borrowers that work with the OP. Well, by GD logic, "don't loan money to idiots if you don't want to hold the bag on a defaulted loan." If the government is going to enter the fray on behalf of the lender, then the free market equation has already been trashed and the government might as well moderate the whole transaction. Finally, something that occurs within the context of capitalism, if one party is under duress, can certainly be predatory. Setting up a business model designed to rape the bank accounts of the poor, desperate and stupid is predatory as fuck. Imagine if you drove your 2-wheel car twenty miles down a dirt Jeep track, in the desert, in the summer with your whole family. Two days later I happen upon you in my well-equipped Jeep. Your family is literally hours from death from dehydration... I offer you water at $250/gallon, and I offer to drive you back to town, but only after you sign a contract pledging to pay me $10.000. Predatory, or just good capitalism? After all, if you weren't dumb you wouldn't be in that situation. Personally I think that government shouldn't regulate predatory lenders, on either side of the equation; but to say that there isn't behavior in business that can be fairly described as predatory is just plain stupid. (and to be expected in GD). |
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Posted: 5/28/2015 4:47:51 PM EDT
[#40]
Quote HistoryQuoted:
Agreed, the lender is still a dick though... Quote HistoryQuoted:
Quoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile Agreed, the lender is still a dick though... The lender charged a very high interest rate to account for his risk of the borrower not repaying the note. Apparently, he was right. The fact that he got a judgement and wage garnishment against him shows he is even less intelligent than just taking out the loan. edit: someone else mentioned it, and it seems strange that a judge would issue a court ordered garnishment for such a debt. Under no circumstance would I garnish an employees wages without being so ordered by a court. If its a debt collector, fuck em. |
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Posted: 5/28/2015 4:49:03 PM EDT
[#41]
Quote HistoryQuoted:
All you smart guys with no fucks to give need to understand that you could not have your superior IQ without someone else having an inferior one. There are genuinely feeble minded people who cannot think their way out of a paper sack - OK, maybe they can, but nevertheless, there are people out there of low intellect who are susceptible to the manipulations of shysters. Christians should care. Atheists, if their claims are true, should care too. So, why don't YOU go and lend these people your money, either interest-free or at a rate you two agree on? Oh, you're afraid you won't see your money again? The rates and fees are what they are because there's a high probability that the lender ISN'T going to see his money again. Posted Via AR15.Com Mobile |
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Posted: 5/28/2015 4:50:58 PM EDT
[#42]
Quote HistoryQuoted:
What the usual half-bright stampede of derp tards are forgetting in their rush to get some platitudes into this thread is that the high/interest-high/risk loan equation has been altered by government intervention in the case described by the OP. The government is intervening to garnish the wages of the idiot borrowers that work with the OP. Well, by GD logic, "don't loan money to idiots if you don't want to hold the bag on a defaulted loan." If the government is going to enter the fray on behalf of the lender, then the free market equation has already been trashed and the government might as well moderate the whole transaction. Finally, something that occurs within the context of capitalism, if one party is under duress, can certainly be predatory. Setting up a business model designed to rape the bank accounts of the poor and stupid is predatory as fuck. Imagine if you drove your 2-wheel car twenty miles down a dirt Jeep track, in the desert, in the summer with your whole family. Two days later I happen upon you in my well-equipped Jeep. Your family is literally hours from death from dehydration... I offer you water at $250/gallon, and I offer to drive you back to town, but only after you sign a contract pledging to pay me $10.000. Predatory, or just good capitalism? After all, if you weren't dumb you wouldn't be in that situation. Personally I think that government shouldn't regulate predatory lenders, on either side of the equation; but to say that there isn't behavior in business that can be fairly described as predatory is just plain stupid. (and to be expected in GD). The govt is supposed to enforce contracts between two parties. even in Libertarian uptopia, this would apply. in fact, it is one of the few actual roles of what govt should do. govt did not set the terms of the deal, it is merely moderating a previously made agreement. or should the parties involved settle it the old fashioned way via indentured servitude or duel to the death? edit: the bold would be an excellent example of Darwin Award recipient, X2, for bringing said offspring along. |
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Posted: 5/28/2015 4:51:55 PM EDT
[#43]
Quote HistoryQuoted:
If I'm to understand GD...Loansharks=Good, Car Salesmen=Bad? I believe that is what every single person in GD has said repeatedly. Every single one. Congratulations. |
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Posted: 5/28/2015 4:52:04 PM EDT
[#44]
I see some very "low functioning" people with obvious mental health issues and questionable intellect lined up at these places Monday morning.
It makes me sad. I dont know what the solution is though. Shoot them? |
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Posted: 5/28/2015 4:53:14 PM EDT
[#45]
Unfortunately, if the employee has to patronize a loanshark, they won't have the money for an attorney, even if he did, one that understands state laws and the UCC on usury, but a good place to start would your state version of an Attorney General, something probably in the Consumer Protection, or an office that oversees small loans, pawn shops, and the like. Even if a court issued the garnishment order, again not sure of your state, but in many states, neither the court clerks or many judges understand the usury laws.
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Posted: 5/28/2015 4:57:33 PM EDT
[#46]
Quote HistoryQuoted:
"Predatory lenders"
Nobody's forcing your crew to borrow money at exorbitant interest rates. Posted Via AR15.Com Mobile Thats no shit. We used to do title loans, we will use a $400 l o an for easy math. You bring in a clean, notarized title, a spare set of keys and a qualifying vehicle, I would give you the 400 and keep the title and keys, you would keep the car to go to work/school/take the kids to soccer/get groceries/whatever the fuck you wanted to do. Within a month you come in, repay the 400 plus 100 in interest (25%) and get your title and keys back. They decided that was predatory and changed how we do things 
Now everything is the same except we keep the vehicle as well so the borrower loses the use of said vehicle. They decided that's NOT predatory 
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Posted: 5/28/2015 4:57:42 PM EDT
[#47]
Quote HistoryQuoted:
The folks that own outfits like that must make mad loot. That shit's even better than "Rent To Own" furniture. Quote HistoryQuoted:
The folks that own outfits like that must make mad loot. That shit's even better than "Rent To Own" furniture. 40k is alot of fire water |
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Posted: 5/28/2015 4:58:26 PM EDT
[#48]
Quote HistoryQuoted: Check state law, and see what protections are in place that address usury If the OP got a garnishment order, I take it that his employee was sued and lost. What I don't get is how is there not some sort of usury law in place that prevents that sort of loan? Was the interest rate actually that high or where there fees which made the effective interest rate that high? That is the type of thing you see with these tax refund loans where the interest rate is low but with a crap load of fees such that when you figure out how much the loan cost you for 3 weeks, the effective interest rate is HUGE. One additional comment, those Western Sky loans are originated from the Indian Reservation so that the debt can not be discharged in a bankruptcy as it is considered a foreign debt. |
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Posted: 5/28/2015 5:01:52 PM EDT
[#49]
... and Jean Valjean should never have stolen that loaf of bread. I consider myself a hardcore conservatarian, but by golly, enough is enough.
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Posted: 5/28/2015 5:03:04 PM EDT
[#50]
Speaking of bad loan practice.
A lawyer on a talk show yesterday said he has been filing more and more lawsuits against Bank of America, Wells Fargo, and others. He said the borrowers get behind or just pay a couple weeks late and get offers from BoA to help them get assistance or something with their loans. The offer says to not make any payments on the loan while the application is overlooked and the process should take less than 30 days. Well BoA drags out the process, tells the borrowers paperwork was lost etc. Then 3 months later they denied the application and demand 3 months payment, 3 months late fee, and hundreds or thousands in legal fees as the non payment of 3 months put them in foreclosure. The borrowers that were slow making $900/mo house payments now have to come up with a lump sum of $4,000 to cover everything and end up losing the house. I mentioned this to my wife and she finished the story I was about to tell her. She handles bankruptcy cases and said she sees it all the time and BoA is the biggest POS to deal with. One guy was hit with legal and late fees from a late payment 3 years ago, he had been caught up since and they neglected to tell him. My wife said it took a month, 5 calls, and numerous letters to get his payment history. Fucking BoA told her it takes time cause its recorded in pencil ledger. < ^^^^^^^^^^^^^ |
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