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Posted: 11/23/2012 4:03:38 PM EDT
Who the fuck uses them? If I understand correctly, they charge an insane interest rate.
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Posted: 11/23/2012 4:04:23 PM EDT
[#1]
Correct, one would think a pawn shop would be a better option.
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Posted: 11/23/2012 4:04:40 PM EDT
[#2]
Idiots use them
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Posted: 11/23/2012 4:04:42 PM EDT
[#3]
Generally they're a lender of last resort, or nearly so.
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Posted: 11/23/2012 4:05:06 PM EDT
[#4]
Quoted: Who the fuck uses them? If I understand correctly, they charge an insane interest rate. People who are desperate and/or really bad at math |
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Posted: 11/23/2012 4:09:53 PM EDT
[#5]
IMHO they are legalized loan sharks.
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Posted: 11/23/2012 4:12:30 PM EDT
[#6]
My sister in law uses them. It seems that they have you fill out a long list of "references" when getting your loan. I get calls from those places looking for her once a month or so. She lives 250 miles away, but they call me like I am going to know or care how to contact her.
She makes more money than I do, she is a GS9 working for the DOD, so it seems that people who are really bad with money use them. She regularly complains that the wife and I have it easy, because we are never broke, our house is paid for, and we don't have loans on our cars. No shit, we live in a house that is less than half the size of her rental, we live in the sticks, she lives convenient to work, we drive old beaters, she drives a 2012 Town and Country with power doors and heated curbfeelers (or whatever the latest craze in useless shit is). Those places aren't predatory, they don't force anybody to take the loans. From what I can see they have people lined up to use their services. |
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Posted: 11/23/2012 4:12:36 PM EDT
[#7]
Notice what parts of town they show up in.
I talked with a Russian fellow who owns a few... pretty high default rate on the loans, but sky high interest on those that do pay. |
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Posted: 11/23/2012 4:12:50 PM EDT
[#8]
Quoted: Idiots use them 2nd post.  |
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Posted: 11/23/2012 4:12:55 PM EDT
[#9]
I'll just say that I see more of them in the ghetto, than in the more "affluent" middle class 'burbs....
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Posted: 11/23/2012 4:13:41 PM EDT
[#10]
Quoted:
Idiots use them Or people who hit a really bad spot in life and have no other options. I've used several different places a long time ago. One of them wasn't bad and the interest was reasonable. The rest were complete debt holes that are set up as to not let you escape. And no I'm not an idiot sir. |
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Posted: 11/23/2012 4:16:32 PM EDT
[#11]
Quoted:
Correct, one would think a pawn shop would be a better option. A pawn shop is a far better option. The interest rate will be less and the terms of repayment will be over a longer period of time. The only problem, is that the borrower needs something that has a lot of value. For example: firearms. |
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Posted: 11/23/2012 4:17:02 PM EDT
[#12]
Got an e-mail reinforcing the fact that .mil are not allowed to use them. Made me wonder who used them in the first place.
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Posted: 11/23/2012 4:20:38 PM EDT
[#13]
Quoted:
Notice what parts of town they show up in. I talked with a Russian fellow who owns a few... pretty high default rate on the loans, but sky high interest on those that do pay. What's his recourse against the defaults? |
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Posted: 11/23/2012 4:21:49 PM EDT
[#14]
Quoted: Quoted: Notice what parts of town they show up in. I talked with a Russian fellow who owns a few... pretty high default rate on the loans, but sky high interest on those that do pay. What's his recourse against the defaults? .22llr to a kneecap? |
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Posted: 11/23/2012 4:23:02 PM EDT
[#15]
Quoted: Got an e-mail reinforcing the fact that .mil are not allowed to use them. Made me woder who used them in the first place. When I was in the Army stationed at Ft. Bragg GI's seemed to be their biggest customers. |
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Posted: 11/23/2012 4:23:12 PM EDT
[#16]
My cousin's husband worked in one for a while.
He said if someone defaulted they did NOTHING except ban them from getting another loan. He hated working there, said people would try and get loans from several places on the same paycheck. |
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Posted: 11/23/2012 4:25:45 PM EDT
[#17]
Only the mathematically challenged and crooks use them.
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Posted: 11/23/2012 4:48:36 PM EDT
[#18]
Quoted:
Quoted:
Notice what parts of town they show up in. I talked with a Russian fellow who owns a few... pretty high default rate on the loans, but sky high interest on those that do pay. What's his recourse against the defaults? His? Probably physical violence. To be more of a stereotypical Russian Mob type he would have needed a facial scar... he had the Kangol hat, track suit, jewelry...
In Ohio it is considered a civil matter unless there are other factors showing the criminal intent to defraud. |
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Posted: 11/23/2012 4:54:32 PM EDT
[#19]
Quoted:
Only the mathematically challenged and crooks use them. I used one once, had to carry us over for two weeks. It was our only option at that point. Put down your brush. |
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Posted: 11/23/2012 5:00:55 PM EDT
[#20]
They serve a purpose I guess.
Definitely loan sharks, to a certain degree. |
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Posted: 11/23/2012 5:03:46 PM EDT
[#21]
Quoted: Who the fuck uses them? If I understand correctly, they charge an insane interest rate. FSA There was a time in this country that interest over 20% was Usery and a felony....now some credit cards have higher interest rates.
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Posted: 11/23/2012 5:10:49 PM EDT
[#22]
Quoted:
Who the fuck uses them? If I understand correctly, they charge an insane interest rate. It's not interest, it's a service charge.
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Posted: 11/23/2012 5:17:22 PM EDT
[#23]
Legalized loan sharking, only no broken bones.
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Posted: 11/23/2012 5:26:08 PM EDT
[#24]
Around here, the car title loan joints seem to be thriving.
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Posted: 11/23/2012 5:37:32 PM EDT
[#25]
Here's the rate schedule from a company that is advertising on TV a lot lately. They say that the money is expensive, but not as bad as "those payday loan places"! If paying $62,000 on a $10,000 loan is less expensive, WTF do the payday loan places charge?!?!
TriumphRider |
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Posted: 11/23/2012 5:42:41 PM EDT
[#26]
Obama voters need cash
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Posted: 11/23/2012 5:45:28 PM EDT
[#27]
They're for the little guys (like enlisted personnel).
For the gubmint, it's called the Fed Res.
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Posted: 11/23/2012 5:48:20 PM EDT
[#28]
I have had a kind of experiment dream I have wanted to do is get a paycheck loan and use it all on pull tabs and see if I come out ahead.
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Posted: 11/23/2012 5:56:24 PM EDT
[#29]
Quoted:
I have had a kind of experiment dream I have wanted to do is get a paycheck loan and use it all on pull tabs and see if I come out ahead. English? |
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Posted: 11/23/2012 6:00:51 PM EDT
[#30]
I use them to judge an area. If there are more payday loan places than banks, the neighborhood is usually ghetto or soon will be. Don't see any in the affluent neighborhoods, but usually one every block or so in the ghetto.
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Posted: 11/23/2012 6:01:11 PM EDT
[#31]
Quoted: Quoted: I have had a kind of experiment dream I have wanted to do is get a paycheck loan and use it all on pull tabs and see if I come out ahead. English? For fun, I wanted to do something incredibly dumb for the hell of it. I wanted to take out a payday loan at outrageous interest rates and blow it all gambling on a random game stacked against me, and see if I came out ahead. |
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Posted: 11/23/2012 6:18:14 PM EDT
[#32]
Friend had one.
They are linked to others via computer network so if you default, you will never get another loan. And they knew if you had $200 out with the guy down the street, so they wouldnt give you another 200. And the folks that use them and depend on them know it. At the time in TN, 60K 'on the street' generated about 10K per month. |
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Posted: 11/23/2012 6:21:11 PM EDT
[#33]
FSA types generally. People who can't figure out that 1000% interest today is worse than saving a week to spend $50 on the latest honey boo boo child DVD doesn't take sense.
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Posted: 11/23/2012 6:24:15 PM EDT
[#34]
People with addictions
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Posted: 11/23/2012 6:31:58 PM EDT
[#35]
Since people like Montel Williams push it - it's not predatory lending....
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Posted: 11/23/2012 6:32:01 PM EDT
[#36]
People who "don't trust banks". But high default rate = high interest so I can't really knock them for it.
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Posted: 11/23/2012 6:44:03 PM EDT
[#37]
Quoted:
Since people like Montel Williams push it - it's not predatory lending.... If customers have a choice of either taking the loan or not taking it - How is it "predatory", in any sense of the word? |
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Posted: 11/23/2012 6:51:59 PM EDT
[#38]
Quoted:
Quoted:
Since people like Montel Williams push it - it's not predatory lending.... If customers have a choice of either taking the loan or not taking it - How is it "predatory", in any sense of the word? In the sense of 'we have to protect people from making bad decisions'. It's a progressive/authoritarian social-justice kind of thing. |
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Posted: 11/23/2012 6:55:42 PM EDT
[#39]
I had a paycheck bounce and had a bunch of bills in the mail with now worthless checks.
I borrowed 400 to cover the checks and it was cheaper than the bounced check fees. Once mailed the checks were going to hit my account. I don't work for that guy any more and I sold some stuff to cover the payday loan with in the 3 day grace period. I paid no interest at all. |
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Posted: 11/23/2012 6:56:01 PM EDT
[#40]
Quoted:
Quoted:
Quoted:
Since people like Montel Williams push it - it's not predatory lending.... If customers have a choice of either taking the loan or not taking it - How is it "predatory", in any sense of the word? In the sense of 'we have to protect people from making bad decisions'. It's a progressive/authoritarian social-justice kind of thing. Dude, I think it should be legal for them to charge whatever they can get. It's only illegal for military, which leads me to believe that they were once a large percentage of their business.
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Posted: 11/23/2012 7:07:16 PM EDT
[#41]
Quoted:
Quoted:
Quoted:
Quoted:
Since people like Montel Williams push it - it's not predatory lending.... If customers have a choice of either taking the loan or not taking it - How is it "predatory", in any sense of the word? In the sense of 'we have to protect people from making bad decisions'. It's a progressive/authoritarian social-justice kind of thing. Dude, I think it should be legal for them to charge whatever they can get. It's only illegal for military, which leads me to believe that they were once a large percentage of their business. Probably. I remember signing a line that said I wasn't military. Free market, lol. |
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Posted: 11/23/2012 7:19:35 PM EDT
[#42]
Quoted:
Who the fuck uses them? If I understand correctly, they charge an insane interest rate. The same dumb fucks that use pawnshops |
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Posted: 11/23/2012 7:58:40 PM EDT
[#43]
I used one once. The money in my accounts was siezed due to a tax issue. It was my fault, I fucked up. And for a $75 fee, I was able to keep $600 in my pocket while I resolved the issue.
The idiots are the ones who use them to buy beer or go to the casino.... |
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Posted: 11/23/2012 8:10:06 PM EDT
[#44]
Mostly the same blue gums that voted for Osama.
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Posted: 11/23/2012 8:11:40 PM EDT
[#45]
Quoted:
Idiots use them This! |
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Posted: 11/23/2012 8:13:36 PM EDT
[#46]
Quoted:
Who the fuck uses them? If I understand correctly, they charge an insane interest rate. so, you'asking... why are dumb people dumb? 
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Posted: 11/23/2012 8:14:50 PM EDT
[#47]
I know a couple of guys who starting writing software specifically for this industry, amazingly, nobody had done it up to that point. Major dollars involved.
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Posted: 11/23/2012 8:17:15 PM EDT
[#48]
Lots of illegals cash their checks there.
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Posted: 11/23/2012 8:23:31 PM EDT
[#49]
I use to work for a large publicly traded one in legal.
Overall default rates of 30% are not uncommon. So, if someone takes a $500 loan with a fee of $75 and they default, then you have to make up your principal and lost fees through other loans. It can be tough at times. As to legal recourse, it depends completely on the jurisdiction. For example in Missouri a corporation can only go to small claims court 12 times annually. Basically, there is not a lot some companies can do. Few, if any, do credit reporting. Basically, if after 90 days or so of unsuccessful collection attempts, they will go to regular collections, or get sold to debt buyers for pennies on the dollar. In states where small claims can be used, then they get used. The problem is actually collecting on a judgement, but if you got a judgement that will show up on the credit report, maybe. It can also be used to encumber real property, depending on the jurisdiction. Most states now have databases to limit people to one loan at a time, though I don't believe Missouri does. A couple of states do require credit reporting, but not a lot comply and if they do it is not with the big 3. People use them because banks will not loan small amounts. Say you need your car fixed and don't want to ask a friend or family, people come get payday loans. I have seen some crazy stuff with check cashing. People will pay huge fees to cash a check instead of using a bank. I know of one guy who cashed a life insurance check for over $100k, it cost him about $13k in fees, instead of saving that by going to a bank. |
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Posted: 11/23/2012 8:24:11 PM EDT
[#50]
Quoted: Notice what parts of town they show up in. I talked with a Russian fellow who owns a few... pretty high default rate on the loans, but sky high interest on those that do pay. I have friends in the business. The default rate for them is typically between 15 and 20%. They try to get as much proof as possible that the customer will be able to pay the money back (like six months worth of pay stubs), but it doesn't matter if the person loses his job right after that. And that happens regularly. Those who pay are picking up the tab for those who don't. |
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