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Posted: 5/28/2015 5:03:41 PM EDT
[#1]
Quote HistoryQuoted: 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 5:05:00 PM EDT
[#2]
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. Oh, I care. I have talked more then a few customers out of selling to me because I wasn't willing to come even close to what their item was worth, or into getting less on a loan on an item so they aren't burying themselves. I might take a small hit, but I feel better at the end of the day. That said, I can't babysit every financial dumbass out there. |
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Posted: 5/28/2015 5:12:39 PM EDT
[#3]
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, 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). Monumentally huge difference between that scenario and the majority (in my experience) who need want money for the weekend. Sure I get a few who are or claim to be paying bills, but most "just need enough for smokes/beer/go out for the weekend. You scenario would be a douche move, but when the dipshits seek out a high interest loan because they need a fix of what ever their poison, thats far from the same thing. |
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Posted: 5/28/2015 5:13:37 PM EDT
[#4]
No I stand by the term "predatory" These places know that the customers they serve don't make wise financial choices and feed off of them. A bank would simply say, you have bad credit and thanks, but no loan. These places say sure come on in we will give you what you want and rape you for it. Oh and my employee is a moron for doing it I make no bones about that. I have offered counseling for them in the past and some have listened.
Another employee bought a car and defaulted on the loan. They repossessed the truck and sold it for next to nothing. Now she owes for the whole truck minus the pittance they resold it for and does not even have anything to show for it. |
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Posted: 5/28/2015 5:13:46 PM EDT
[#5]
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! Give them my user name. Ill lend money for half that rate. |
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Posted: 5/28/2015 5:14:27 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! Look them up and see where they do business. If they are in any state in the U.S. and not on reservation land, they can be reported for predatory lending practices. If they are based on a reservation, that's their style. |
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Posted: 5/28/2015 5:14:52 PM EDT
[#7]
Quote HistoryQuoted:
Monumentally huge difference between that scenario and the majority (in my experience) who need want money for the weekend. Sure I get a few who are or claim to be paying bills, but most "just need enough for smokes/beer/go out for the weekend. You scenario would be a douche move, but when the dipshits seek out a high interest loan because they need a fix of what ever their poison, thats far from the same thing. Quote HistoryQuoted:
Quoted:
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). Monumentally huge difference between that scenario and the majority (in my experience) who need want money for the weekend. Sure I get a few who are or claim to be paying bills, but most "just need enough for smokes/beer/go out for the weekend. You scenario would be a douche move, but when the dipshits seek out a high interest loan because they need a fix of what ever their poison, thats far from the same thing. If your high-interest loan scheme is designed to exploit dumb-asses who want to party.... well, I ain't saying it should be illegal, but it is designed to be predatory and exploit the stupid. |
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Posted: 5/28/2015 5:15:14 PM EDT
[#8]
Quote HistoryQuoted:
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. < ^^^^^^^^^^^^^ LOL do they actually think people belive boa still used pencil ledgers in 2012? |
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Posted: 5/28/2015 5:15:48 PM EDT
[#9]
Did you get a Wage Assignment or a court order? Since they would have to sue him to get a court to issue a wage garnishment. A law suit takes time and adds hundreds of dollars to the cost. I would think that you are looking at a Wage Assignment form. Many lenders in Illinois have people sign a form agreeing to a Wage Assignment if they default. I would suggest that he reads the Notice of Intent and the wage assignment form he signed. While I am not a lawyer and did not stay at Holiday Inn last night, I would bet that he can cancel the wage assignment by sending them a letter. If the lender did sue him and got a court order, he would have to pay it.
Illinois regulates the rates that can be charged on this type of loan and it sounds like it is a legal rate. If I remember correctly, they allow the lender to charge up to 99% based on the amount financed and the term. The more you finance, the lower the rate. Again I am not a lawyer and this is not legal advice. |
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Posted: 5/28/2015 5:16:37 PM EDT
[#10]
I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay.
Did I manage to make my reply as retarded as the op? |
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Posted: 5/28/2015 5:18:25 PM EDT
[#11]
Quote HistoryQuoted:
I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? Now where's that facepalm gif...where did I put it... |
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Posted: 5/28/2015 5:20:53 PM EDT
[#12]
Quote HistoryQuoted: The same very "low functioning" people who can always find a way to pay for smokes and a cell phone? Quote HistoryQuoted: Quoted: 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? Smokes any mong can buy, and maybe a family member or someone helps them setting up a mobile phone. |
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Posted: 5/28/2015 5:22:38 PM EDT
[#13]
Quote HistoryQuoted: I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? |
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Posted: 5/28/2015 5:25:13 PM EDT
[#14]
Quote HistoryQuoted:
If your high-interest loan scheme is designed to exploit dumb-asses who want to party.... well, I ain't saying it should be illegal, but it is designed to be predatory and exploit the stupid. Quote HistoryQuoted:
Quoted:
Quoted:
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). Monumentally huge difference between that scenario and the majority (in my experience) who need want money for the weekend. Sure I get a few who are or claim to be paying bills, but most "just need enough for smokes/beer/go out for the weekend. You scenario would be a douche move, but when the dipshits seek out a high interest loan because they need a fix of what ever their poison, thats far from the same thing. If your high-interest loan scheme is designed to exploit dumb-asses who want to party.... well, I ain't saying it should be illegal, but it is designed to be predatory and exploit the stupid. If you say so, but defending dipshits that put getting drunk and partying with their ninjas ahead of being fiscally responsible seems sorta SJWish. |
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Posted: 5/28/2015 5:26:22 PM EDT
[#15]
Quote HistoryQuoted: Not a 1%er, but wanting to be there. I'm only at the 15% mark at the moment. Oh and I pay what the market will bear and more if they are good workers. Quote HistoryQuoted: Quoted: I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? |
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Posted: 5/28/2015 5:30:12 PM EDT
[#16]
Quote HistoryQuoted:
Being stupid is supposed to hurt. No one forced them to take the loan. |
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Posted: 5/28/2015 5:30:39 PM EDT
[#17]
The lender charges a rate that covers their risk and allows them to make a profit. Dealing with bad credit risk debtors is expensive.
If your employee wasn't such a high risk, they wouldn't have paid such a high rate. |
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Posted: 5/28/2015 5:31:12 PM EDT
[#18]
I guess the real question is at what point do we stop protecting the less intelligent?
At one end of the extreme is the guy who cant wipe his own ass or keep the right kind of food in the house. Taking care of that guy is a no brainer (except in GD, where he would be left to die in the elements.) As we start sliding up the scale of intelligence, people can really start doing more and more damage to themselves and others. Financial damage, starting fires and damaging property/environment. At what point should protections/babysitting not apply? Or should there be a requirement to "test in" to certain activities like buying a car/driving, financial/loans, fast food/alcohol, house, having kids, etc. |
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Posted: 5/28/2015 5:38:46 PM EDT
[#19]
Quote HistoryQuoted:
Not a 1%er, but wanting to be there. I'm only at the 15% mark at the moment. Oh and I pay what the market will bear and more if they are good workers. Quote HistoryQuoted:
Quoted:
I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? Have you thought about talking to your workers and letting them know that you are open to giving short term employee loans? My employer does this athough for different reasons. Employees are allowed to invest in deals that my company does and if you don't have the money up front, he will loan you the money and deduct it from your paycheck over 5 years or so and charge a small rate of interest. Its a great benefit. |
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Posted: 5/28/2015 5:44:25 PM EDT
[#20]
Quote HistoryQuoted:
The lender charges a rate that covers their risk and allows them to make a profit. Dealing with bad credit risk debtors is expensive. If your employee wasn't such a high risk, they wouldn't have paid such a high rate. This, I spent a large chunk of my life having to use pawn shops, payday loan places and buy here/pay here lots and there wasn't a bank or CC company that could stop laughing long enough to tell me no. I stopped spending money on stupid shit and started paying my bills instead. Now, I am almost debt free, my last car was @ 7.75% (extremely good for me and it only has 4 more payments), I have CC with a $12000.00 limit (raised twice) and a 12.99% rate that has 2 grand on it (it will be paid off in 6 to 8 months). I stopped making stupid decisions on my own without the "predatory" (lol) places trying to save my soul (and if one had, I would have just gone on to the next one). It's not my problem if people are too stupid to manage their money, and I don't see a reason to drive business to my competitors. |
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Posted: 5/28/2015 5:44:54 PM EDT
[#21]
Quote HistoryQuoted: Have you thought about talking to your workers and letting them know that you are open to giving short term employee loans? My employer does this athough for different reasons. Employees are allowed to invest in deals that my company does and if you don't have the money up front, he will loan you the money and deduct it from your paycheck over 5 years or so and charge a small rate of interest. Its a great benefit. Quote HistoryQuoted: Quoted: Quoted: I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? Have you thought about talking to your workers and letting them know that you are open to giving short term employee loans? My employer does this athough for different reasons. Employees are allowed to invest in deals that my company does and if you don't have the money up front, he will loan you the money and deduct it from your paycheck over 5 years or so and charge a small rate of interest. Its a great benefit. |
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Posted: 5/28/2015 5:46:22 PM EDT
[#22]
Quote HistoryQuoted:
If you say so, but defending dipshits that put getting drunk and partying with their ninjas ahead of being fiscally responsible seems sorta SJWish. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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). Monumentally huge difference between that scenario and the majority (in my experience) who need want money for the weekend. Sure I get a few who are or claim to be paying bills, but most "just need enough for smokes/beer/go out for the weekend. You scenario would be a douche move, but when the dipshits seek out a high interest loan because they need a fix of what ever their poison, thats far from the same thing. If your high-interest loan scheme is designed to exploit dumb-asses who want to party.... well, I ain't saying it should be illegal, but it is designed to be predatory and exploit the stupid. If you say so, but defending dipshits that put getting drunk and partying with their ninjas ahead of being fiscally responsible seems sorta SJWish. I'm not defending them. I'm also not defending those that want to take advantage of their stupidity. |
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Posted: 5/28/2015 5:50:59 PM EDT
[#23]
Quote HistoryQuoted: Sucks being stupid |
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Posted: 5/28/2015 5:52:35 PM EDT
[#24]
You want predatory? Look at the businesses around military bases. They can't wait until the new guys away from home for the first time show up.
If you get behind they call your CO. I laugh at their "we support our military" signs. |
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Posted: 5/28/2015 5:54:10 PM EDT
[#25]
Quote HistoryQuoted:
You should raise your employee's wages so they don't need to take out these kinds of loans. Clearly it's the employers fault for not paying a Living Wage. Yep. |
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Posted: 5/28/2015 5:54:33 PM EDT
[#26]
My wife was offered a corporate position at a payday loan type place. We both decided that our peace of mind was a higher priority than our need for money.
I don't fully blame these companies for wanting to make a buck. And I wholeheartedly believe that stupid should hurt, but I want no part of it. |
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Posted: 5/28/2015 5:56:30 PM EDT
[#27]
Quote HistoryQuoted:
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. Oh these places are operating within the laws. Right on the edge but within the laws. |
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Posted: 5/28/2015 5:57:16 PM EDT
[#28]
Quote HistoryQuoted:
We used to give short term loans at 0% interest. But I don't want to be seen as a a piggy bank either. That and if they quit then I have to go after them for what they owe. So I finally decided I am not a bank. One wanted me to lend them money to get a tattoo! Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? Have you thought about talking to your workers and letting them know that you are open to giving short term employee loans? My employer does this athough for different reasons. Employees are allowed to invest in deals that my company does and if you don't have the money up front, he will loan you the money and deduct it from your paycheck over 5 years or so and charge a small rate of interest. Its a great benefit. If they want to enter into a high interest loan because getting new ink right now is more important then paying bills and saving for it, why do you care. ARF is fond of saying "stupid should hurt", you think they would be instant Dave Ramsey' if the high interest places didn't exist? No, they would still put that ink first and resort to shorting the rent or the groceries, or selling off their shit a dirt cheap prices anyway, or maybe theft/dealing/embedding from their employers. |
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Posted: 5/28/2015 5:59:23 PM EDT
[#29]
Quote HistoryQuoted:
We used to give short term loans at 0% interest. But I don't want to be seen as a a piggy bank either. That and if they quit then I have to go after them for what they owe. So I finally decided I am not a bank. One wanted me to lend them money to get a tattoo! Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
I'd say the real issue is their 1%er boss who refuses to pay a living wage. If only OP would share the wealth, the workers wouldn't be enslaved by their low pay. Did I manage to make my reply as retarded as the op? Have you thought about talking to your workers and letting them know that you are open to giving short term employee loans? My employer does this athough for different reasons. Employees are allowed to invest in deals that my company does and if you don't have the money up front, he will loan you the money and deduct it from your paycheck over 5 years or so and charge a small rate of interest. Its a great benefit. Yeah cant blame you - if you owe my employer money when you leave, he will just claw back your equity. |
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Posted: 5/28/2015 6:01:10 PM EDT
[#30]
Quote HistoryQuoted:
No I stand by the term "predatory" These places know that the customers they serve don't make wise financial choices and feed off of them. A bank would simply say, you have bad credit and thanks, but no loan. These places say sure come on in we will give you what you want and rape you for it. Oh and my employee is a moron for doing it I make no bones about that. I have offered counseling for them in the past and some have listened. Another employee bought a car and defaulted on the loan. They repossessed the truck and sold it for next to nothing. Now she owes for the whole truck minus the pittance they resold it for and does not even have anything to show for it. And what of the people who legitimately NEED that money for whatever reason? Fuck em? Make it illegal to loan to them? |
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Posted: 5/28/2015 6:04:13 PM EDT
[#31]
Quote HistoryQuoted:
Compared to most that is a low interest rate. That indian chick on TV has a 300+ percentage rate. Would smash her. |
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Posted: 5/28/2015 6:04:53 PM EDT
[#32]
So your saying I should open a payday loan...
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Posted: 5/28/2015 6:05:55 PM EDT
[#33]
I have a photo some where of 312%. Lol
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Posted: 5/28/2015 6:05:58 PM EDT
[#34]
I currently work for a sub-prime lender. Although the highest interest rate we charge is 33%, I still feel for the guy. Most of the time these folks are victims or circumstances and ignorance. In my 2 years here I've only found a handful of genuine shitbags who just don't have any desire to pay their debts. However most people who go to companies that have exorbitant interest rates generally have bad credit that was earned. They also largely know little to nothing about credit worthiness or financing... If I had a nickel for every pissed off customer I had to explain interest to...
Anyways, they reap what they sow. But some financial advice couldn't hurt for them. For you OP, most companies will use a wage assignment form that is not legally binding to garnish people. If there is no legitimate case number on it from your county's or state's court on it, then you're not legally obligated to garnish them. However I would tell them to call said company to settle before they do take it to court. That may save them some $ and you some headache. I do this for a living. If you have questions you can PM me. |
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Posted: 5/28/2015 6:08:34 PM EDT
[#35]
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, 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). Then you're a fucking idiot. What's funny is you've accidentally given a perfect illustration of the underlying condition. If you actually examine the lives of the chronically poor, you generally find then to be a litany of bad decisions. Eta: As an employer, I'd also tell the loan company to piss up a rope. They're the ones getting the interest on the loan means it's their problem. |
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Posted: 5/28/2015 6:11:27 PM EDT
[#36]
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! I think you have it backwards. By taking out a loan and defaulting, your employee isn't just financially dumb, they're stealing someone else's money. Yes, that money belongs to someone. You feel like it belongs to an evil, faceless corporation that can afford to lose the money? Well, then, why don't you send me some of the money from YOUR evil, faceless corporation for free. The exact, precise reason why companies charge high interest rates to risky customers is PRECISELY BECAUSE OF DEADBEATS LIKE THIS. They have to make enough from the people who will pay to cover those who won't. The only other option is to simply tell risky people "Sorry, can't get a loan AT ALL." Short of that, risky people are just that: Risky. They'll default, just like your lil dindu dun did, and the company lending to such people will go out of business. Would you rather that such people got loans at a rate that reflected their risk, or that they couldn't get loans at all? Lending to them at 3% isn't going to happen, unless YOU want to open up YOUR pocketbooks and start taking the losses. When poor people can get housing, food, and cell phones for free, and subsidies on utilities and other services, and medical bills get written off (i.e., paid for by others), I find it pretty hard to believe that they just *had* to take that loan out to survive. |
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Posted: 5/28/2015 6:20:22 PM EDT
[#37]
Quote HistoryQuoted:
You do know a segment of these people target enlisted men, right? That's what pisses me off Quote HistoryQuoted:
Quoted:
Sucks being stupid A significant minority of enlisted, especially junior ones, are as stupid as anyone you're likely to find but also get a paycheck on the 1st and 15th. |
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Posted: 5/28/2015 6:27:06 PM EDT
[#38]
Good on them. That business is risky which is why they charge so much. You employee is an idiot.
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Posted: 5/28/2015 6:31:00 PM EDT
[#39]
They are scum.
At the end of the day everyone's an adult, and makes their own bed. Require, by law, that the section just above where they sign contain the actual interest rates and terms, in English/simple language, and that the lender must read this section to the borrower. Choices. |
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Posted: 5/28/2015 6:42:08 PM EDT
[#40]
Quote HistoryQuoted:
Being stupid is supposed to hurt. No one forced them to take the loan. But many people are stupid, and they are taken advantage of. I really don't have any solution to this, but let's not pretend that's it's ethical for a loan company to bullshit a low wage worker who has an 80 IQ. That's smart enough for a menial job, but not smart enough to avoid the hustlers who prey on them. |
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Posted: 5/28/2015 6:42:59 PM EDT
[#41]
OP, would (did) you offer your employee a loan?
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Posted: 5/28/2015 6:45:15 PM EDT
[#42]
Stupid should hurt. The guy that gave out loans with similar rates in 3rd world countries and called them micro loans got a Nobel Peace prize for it.
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Posted: 5/28/2015 6:45:22 PM EDT
[#43]
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 they are that feeble minded, why do they have divers licenses? Get loans for cars or houses? Get married? Do they need institutionalization? |
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Posted: 5/28/2015 6:47:05 PM EDT
[#44]
Quote HistoryQuoted:
If I'm to understand GD...Loansharks=Good, Car Salesmen=Bad? Quote HistoryQuoted:
Quoted:
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? Neither. |
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Posted: 5/28/2015 6:47:51 PM EDT
[#45]
Quote HistoryWell...that's one way to get back reparations... |
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Posted: 5/28/2015 6:49:28 PM EDT
[#46]
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, 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). That is a valid point--the loan should be between the loaner and the "loanee" and no one else. If the state didn't secure bad loans on the back of the employer, there would be less of them. |
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Posted: 5/28/2015 6:49:45 PM EDT
[#47]
Quote HistoryQuoted:
A significant minority of enlisted, especially junior ones, are as stupid as anyone you're likely to find but also get a paycheck on the 1st and 15th. Quote HistoryQuoted:
Quoted:
Quoted:
Sucks being stupid A significant minority of enlisted, especially junior ones, are as stupid as anyone you're likely to find but also get a paycheck on the 1st and 15th. Well that and they are guaranteed their money, one phone call to the chain of command and they get their money before the person even sees it. |
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Posted: 5/28/2015 6:50:48 PM EDT
[#48]
Quote HistoryQuoted:We used to give short term loans at 0% interest. But I don't want to be seen as a a piggy bank either. That and if they quit then I have to go after them for what they owe. So I finally decided I am not a bank. One wanted me to lend them money to get a tattoo!
Adjust your pay schedule and it's easy to do. Work is two weeks in the hole. You'll advance up to 80 hours pay, after tax. No matter when they quit, they've worked to earn the repayment. unless of course they stop coming in the day after the pay advance (not loan) |
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Posted: 5/28/2015 6:51:08 PM EDT
[#49]
Quote HistoryQuoted:
Being stupid is supposed to hurt. No one forced them to take the loan. /this Like people who complain about those that jump off bridges not knowing about gravity. |
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Posted: 5/28/2015 7:02:46 PM EDT
[#50]
You could offer interest free loans to your employees.
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