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Posted: 10/25/2013 4:18:49 PM EST
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

Link Posted: 10/25/2013 4:20:49 PM EST
Never been in one but I could imagine them asking something like:

"What career do you believe your great grandchild will have?"
Link Posted: 10/25/2013 4:22:55 PM EST
[Last Edit: 10/25/2013 4:23:16 PM EST by NC_Preacher]
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG
View Quote


410%???

Holy Usury Batman! I had no idea that place like yours charged that much.

What kind of ...er.... desperate person would agree to that?


Link Posted: 10/25/2013 4:22:56 PM EST
[Last Edit: 10/25/2013 4:52:50 PM EST by introv78]
410 % APR

BTW OP I remember you lost your job not long ago and this one came along but man i would be looking hard to get out of there, that shit would bother me.
Link Posted: 10/25/2013 4:23:28 PM EST
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG
View Quote


So you intentionally mislead them and then wonder why they don't get it?
Link Posted: 10/25/2013 4:24:41 PM EST
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Originally Posted By hooligan223:


So you intentionally mislead them and then wonder why they don't get it?
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Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?

I don't see how that could be construed as misleading, intentional or otherwise.
Link Posted: 10/25/2013 4:24:42 PM EST
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Originally Posted By hooligan223:


So you intentionally mislead them and then wonder why they don't get it?
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Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?


They sign a contract and it's in plain print
Link Posted: 10/25/2013 4:25:53 PM EST
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Originally Posted By NC_Preacher:


410%???

Holy Usury Batman! I had no idea that place like yours charged that much.

What kind of ...er.... desperate person would agree to that?

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Originally Posted By NC_Preacher:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


410%???

Holy Usury Batman! I had no idea that place like yours charged that much.

What kind of ...er.... desperate person would agree to that?



Same kind of person that ends up at a pay day loan store.

The rates are what they are for a good reason. The loans are short term, unsecured, and made to the least credit worthy people possible.

Charge what most people would consider a "fair" rate and see how long your doors stay open.
Link Posted: 10/25/2013 4:25:57 PM EST
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Originally Posted By introv78:
410 % APR

BTW OP I remember you lost your job not long ago and this one came lonag but man i would be looking hard to get out of there, that shit would bother me.
View Quote


It's not my favorite, but it pays the bills and feeds my family for the time being
Link Posted: 10/25/2013 4:26:21 PM EST
[Last Edit: 10/25/2013 4:27:39 PM EST by madbarbarian87]
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?
Link Posted: 10/25/2013 4:27:32 PM EST
You gotta do what you gotta do.
Link Posted: 10/25/2013 4:27:59 PM EST
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Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?
View Quote


And I would assume most prudent people wouldn't sign a contract agreeing to the terms of our loans spelled out in plain English
Link Posted: 10/25/2013 4:28:26 PM EST
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Originally Posted By robb01:


They sign a contract and it's in plain print
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Originally Posted By robb01:
Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?


They sign a contract and it's in plain print


It's still a bit messed up to try do anything but plainly represent the interest rate.



Link Posted: 10/25/2013 4:28:43 PM EST
[Last Edit: 10/25/2013 4:28:56 PM EST by ColonelHurtz]
I never understood how someone could rent a couch but they do it.
Baltimore even has rent-a rim stores.
If you waste your money on that item at those terms I think you deserve to be poor.
Link Posted: 10/25/2013 4:28:50 PM EST
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Originally Posted By woodsie:


Same kind of person that ends up at a pay day loan store.

The rates are what they are for a good reason. The loans are short term, unsecured, and made to the least credit worthy people possible.

Charge what most people would consider a "fair" rate and see how long your doors stay open.
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Originally Posted By woodsie:
Originally Posted By NC_Preacher:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


410%???

Holy Usury Batman! I had no idea that place like yours charged that much.

What kind of ...er.... desperate person would agree to that?



Same kind of person that ends up at a pay day loan store.

The rates are what they are for a good reason. The loans are short term, unsecured, and made to the least credit worthy people possible.

Charge what most people would consider a "fair" rate and see how long your doors stay open.


Business is business, I was just shocked.

I had no idea.

I think I would sleep better at night being a loan shark... at least I would have a better rate of return! (KIDDING!)
Link Posted: 10/25/2013 4:29:13 PM EST
Damn, I gotta get into the payday loan business
Link Posted: 10/25/2013 4:29:15 PM EST
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Originally Posted By HKUSP45C:

I don't see how that could be construed as misleading, intentional or otherwise.
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Originally Posted By HKUSP45C:
Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?

I don't see how that could be construed as misleading, intentional or otherwise.


If you don't see anything wrong with it that's fine. They are "instructed" to say it that way for a reason.
Link Posted: 10/25/2013 4:30:14 PM EST
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Originally Posted By HKUSP45C:

I don't see how that could be construed as misleading, intentional or otherwise.
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Originally Posted By HKUSP45C:
Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?

I don't see how that could be construed as misleading, intentional or otherwise.


You should say "Four Hundred and Ten Percent"
Link Posted: 10/25/2013 4:30:39 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By introv78:
410 % APR

BTW OP I remember you lost your job not long ago and this one came lonag but man i would be looking hard to get out of there, that shit would bother me.
View Quote


Why should OP feel bad about it? The rate is what it is for a very good reason. There is no alternative scenario where they charge a "fair" interest rate. If they charged what you might consider to be fair, they would be out of business no time flat. The business model only exists because they can charge for the extremely high risk that they are taking.

Link Posted: 10/25/2013 4:30:51 PM EST
What's your default rate?

Link Posted: 10/25/2013 4:31:18 PM EST
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Originally Posted By robb01:


And I would assume most prudent people wouldn't sign a contract agreeing to the terms of our loans spelled out in plain English
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Originally Posted By robb01:
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?


And I would assume most prudent people wouldn't sign a contract agreeing to the terms of our loans spelled out in plain English


Except your English isn't plain. You were specifically told to mislead the customer. Why else would you be instructed to say "four ten".
Link Posted: 10/25/2013 4:31:39 PM EST
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Originally Posted By gmtmaster:


You should say "Four Hundred and Ten Percent"
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Originally Posted By gmtmaster:
Originally Posted By HKUSP45C:
Originally Posted By hooligan223:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


So you intentionally mislead them and then wonder why they don't get it?

I don't see how that could be construed as misleading, intentional or otherwise.


You should say "Four Hundred and Ten Percent"


99% never even ask
Link Posted: 10/25/2013 4:31:55 PM EST
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Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?
View Quote




Fucking people over?

Does he put a gun to their head and force them to sign?

OP, what's your best guess on actual net considering those that don't repay? Surely the store doesn't actually make 410%, with all the defaults it probably less than 30%
Link Posted: 10/25/2013 4:32:01 PM EST
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Originally Posted By NC_Preacher:


Business is business, I was just shocked.

I had no idea.

I think I would sleep better at night being a loan shark... at least I would have a better rate of return! (KIDDING!)
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Originally Posted By NC_Preacher:
Originally Posted By woodsie:
Originally Posted By NC_Preacher:
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG


410%???

Holy Usury Batman! I had no idea that place like yours charged that much.

What kind of ...er.... desperate person would agree to that?



Same kind of person that ends up at a pay day loan store.

The rates are what they are for a good reason. The loans are short term, unsecured, and made to the least credit worthy people possible.

Charge what most people would consider a "fair" rate and see how long your doors stay open.


Business is business, I was just shocked.

I had no idea.

I think I would sleep better at night being a loan shark... at least I would have a better rate of return! (KIDDING!)


Loan sharks make secured loans. If you don't pay, they take your arm...and maybe a leg.


Link Posted: 10/25/2013 4:33:02 PM EST
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Originally Posted By madbarbarian87:


Except your English isn't plain. You were specifically told to mislead the customer. Why else would you be instructed to say "four ten".
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Originally Posted By madbarbarian87:
Originally Posted By robb01:
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?


And I would assume most prudent people wouldn't sign a contract agreeing to the terms of our loans spelled out in plain English


Except your English isn't plain. You were specifically told to mislead the customer. Why else would you be instructed to say "four ten".


It's printed out in size 24 font on the second page of the contract, I point it out to every person
Link Posted: 10/25/2013 4:34:12 PM EST
There is a reason why we make new Soldiers read and sign a counseling statement explaining how these places work and how bad they will be fucked if they use them.

They target young, stupid Soldiers who have never had a real paycheck before. I have no sympathy for the idiot who gets a loan so he can put new rims on his ghetto ride, he deserves what he gets. But when you hire pretty young girls to work the counter so that young, single GI's will get all googly eyed and sign what ever you put in front of them, that's predatory intentionally designed to fuck people.


Fuck those places. Scum of the earth.

Link Posted: 10/25/2013 4:34:34 PM EST
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Originally Posted By Mikhail_86:
Damn, I gotta get into the payday loan business
View Quote

I know a dude who owns a few, the sheer number of bad loans he has to eat takes a massive chunk of the insane interest charged to those that do pay.... It can be lucrative, but it is not a 410% return on investment.... Not by far.
Link Posted: 10/25/2013 4:34:37 PM EST
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Originally Posted By tommyrich:




Fucking people over?

Does he put a gun to their head and force them to sign?

OP, what's your best guess on actual net considering those that don't repay? Surely the store doesn't actually make 410%, with all the defaults it probably less than 30%
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Originally Posted By tommyrich:
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?




Fucking people over?

Does he put a gun to their head and force them to sign?

OP, what's your best guess on actual net considering those that don't repay? Surely the store doesn't actually make 410%, with all the defaults it probably less than 30%


I would say roughly 15 percent default on the loan, there's a good reason why my boss has multiple homes and a drives a bentley
Link Posted: 10/25/2013 4:36:02 PM EST
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Originally Posted By robb01:


I would say roughly 15 percent default on the loan, there's a good reason why my boss has multiple homes and a drives a bentley
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Originally Posted By robb01:
Originally Posted By tommyrich:
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?




Fucking people over?

Does he put a gun to their head and force them to sign?

OP, what's your best guess on actual net considering those that don't repay? Surely the store doesn't actually make 410%, with all the defaults it probably less than 30%


I would say roughly 15 percent default on the loan, there's a good reason why my boss has multiple homes and a drives a bentley


I think I've found a new business venture. Want to manage one for me?
Link Posted: 10/25/2013 4:36:14 PM EST
If someone told me the rate was "four ten" I'd sure as fuck assume 4.10%.

And I'd sure as fuck tell their misleading ass to suck a fart out of my hairy butthole when I saw it on paper.
Link Posted: 10/25/2013 4:36:33 PM EST
Link Posted: 10/25/2013 4:36:55 PM EST
[Last Edit: 10/25/2013 4:37:07 PM EST by 72826]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?
View Quote

It's not fucking them in any way. Would you prefer if they couldn't get a loan at all? Because it's either they pay rates like this, or they don't get a loan. They have no other options.

Link Posted: 10/25/2013 4:37:18 PM EST
I'm sure these people that sign it can't read
Link Posted: 10/25/2013 4:39:04 PM EST
I was told there would be quotes from a payday loan store. All I can seem to find is a bunch of white knights defending people with little to no common sense.
Link Posted: 10/25/2013 4:39:18 PM EST
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Originally Posted By Carry-On:
I'm sure these people that sign it can't read
View Quote


Vicious circle huh?

Can't read, shitty job, need shitty loan to buy booze and smokes, etc...
Link Posted: 10/25/2013 4:39:37 PM EST
Apparently I'm the only one who would expect a 4.10% interest rate to be spoken as "four point one."
Link Posted: 10/25/2013 4:39:38 PM EST
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Originally Posted By robb01:


I would say roughly 15 percent default on the loan, there's a good reason why my boss has multiple homes and a drives a bentley
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Originally Posted By robb01:
Originally Posted By tommyrich:
Originally Posted By madbarbarian87:
If you said "four ten" I would assume you meant 4.10%. Are you proud of trying to fuck people over?

edit- If it is plain as day in the contract then why do you say "four ten"?




Fucking people over?

Does he put a gun to their head and force them to sign?

OP, what's your best guess on actual net considering those that don't repay? Surely the store doesn't actually make 410%, with all the defaults it probably less than 30%


I would say roughly 15 percent default on the loan, there's a good reason why my boss has multiple homes and a drives a bentley

15%? Wow... That's a pretty low default rate.
I was told that local me to it is closer to 30%
Link Posted: 10/25/2013 4:39:42 PM EST
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Originally Posted By timthemedic:
If someone told me the rate was "four ten" I'd sure as fuck assume 4.10%.

And I'd sure as fuck tell their misleading ass to suck a fart out of my hairy butthole when I saw it on paper.
View Quote

If you were at a payday loan store in the first place, and actually thought anyone would give you 4.10%, then you're probably not competent enough to sign the agreement anyway. You could tell them to suck a fart, but then you wouldn't be getting a loan. From anyone.

Link Posted: 10/25/2013 4:39:59 PM EST
[Last Edit: 10/25/2013 4:40:32 PM EST by Winston_Wolf]
... What's your estimation on the amount of illicit drug-money laundered though outfits like yours?
After all, their profit-margin is typically much higher then the interest you charge for high-risk endeavors

Link Posted: 10/25/2013 4:41:26 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Winston_Wolf:
... What's your estimation on the amount of illicit drug-money laundered though outfits like yours?
After all, their profit-margin is typically much higher then the interest you charge for high-risk endeavors

View Quote


Not going to comment there....
Link Posted: 10/25/2013 4:41:49 PM EST
Stupidity has its price.

Everyone likes to pick on Payday loan store owners. At the end of the day the risk is on the person lending the money not the person receiving it.

If you pay it back as agreed there won't be a problem.
Link Posted: 10/25/2013 4:42:24 PM EST
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Originally Posted By Carry-On:
I'm sure these people that sign it can't read
View Quote

OP didn't say anything about the contract being written in cursive.
Link Posted: 10/25/2013 4:43:17 PM EST
410% APR is not as bad as it seems. That is 7.9% a week. They loan someone $200 and a week later they have to pay back $216, is that about how the math works? Do you all charge like a $25 service fee on top of that or something? Seems cheap actually for loaning unsecured cash.
Link Posted: 10/25/2013 4:43:42 PM EST
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Originally Posted By noob5000000:

OP didn't say anything about the contract being written in cursive.
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Originally Posted By noob5000000:
Originally Posted By Carry-On:
I'm sure these people that sign it can't read

OP didn't say anything about the contract being written in cursive.

Pretty sure it's times new roman
Link Posted: 10/25/2013 4:45:24 PM EST
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Originally Posted By sjuhockey10:
Apparently I'm the only one who would expect a 4.10% interest rate to be spoken as "four point one."
View Quote

No you aren't. How many of you bitching about the APR jump everybody's ass that calls ammo resellers gougers?
Link Posted: 10/25/2013 4:45:42 PM EST
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Originally Posted By leatherpuke:

Fuck those places. Scum of the earth.

View Quote


Link Posted: 10/25/2013 4:47:38 PM EST
Underhanded techniques are underhanded.

Based on your own statement, the customer was mislead and you did nothing to correct it. What did you say when she stated that the rate was lower than a bank?
Link Posted: 10/25/2013 4:48:48 PM EST
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Originally Posted By MSC182:

No you aren't. How many of you bitching about the APR jump everybody's ass that calls ammo resellers gougers?
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Originally Posted By MSC182:
Originally Posted By sjuhockey10:
Apparently I'm the only one who would expect a 4.10% interest rate to be spoken as "four point one."

No you aren't. How many of you bitching about the APR jump everybody's ass that calls ammo resellers gougers?


I'm not bitching about the APR, or ammo resellers. My complaint is that they are instructed to say it a certain way which some people may not realize what they are actually paying.
Link Posted: 10/25/2013 4:49:02 PM EST
Originally Posted By robb01:
As some of you know, I manage a payday loan store.... Got a few gems today.... When discussing our Apr we are instructed to say "four ten", ie four hundred and ten percent. Going over a loan with a customer today and she says: "awesome, that's lower than a bank".

http://goo.gl/H9XbG
View Quote


You really came in here and posted this?

People who "feed their family" by fucking others need a good fucking themselves. Just my .02 YMMV

When you get "410'd" in some-way-shape-form yourself, i hope you look back and remember this post.

BTW: I understand the whole "read the contract before you sign it" mentality and live by it myself but you are just a predatory lender who likes to brag about it on a public form. COC prevents me from commenting further.
Link Posted: 10/25/2013 4:51:38 PM EST
In this thread I am torn between my hatred of money changers and my hatred of the poor.






Link Posted: 10/25/2013 4:51:55 PM EST
Prolly should just say four one oh.

...or RAPE!


No offense to the OP, ya gotta feed your family, but dude.
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