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Posted: 10/25/2013 5:18:49 PM EDT
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".
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Posted: 10/25/2013 5:20:49 PM EDT
[#1]
Never been in one but I could imagine them asking something like:
"What career do you believe your great grandchild will have?" |
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Posted: 10/25/2013 5:22:55 PM EDT
[#2]
Quoted:
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? 
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Posted: 10/25/2013 5:22:56 PM EDT
[#3]
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. |
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Posted: 10/25/2013 5:23:28 PM EDT
[#4]
Quoted:
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? |
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Posted: 10/25/2013 5:24:41 PM EDT
[#5]
Quote HistoryQuoted:
So you intentionally mislead them and then wonder why they don't get it? Quote HistoryQuoted:
Quoted:
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. |
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Posted: 10/25/2013 5:24:42 PM EDT
[#6]
Quote HistoryQuoted:
So you intentionally mislead them and then wonder why they don't get it? Quote HistoryQuoted:
Quoted:
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 |
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Posted: 10/25/2013 5:25:53 PM EDT
[#7]
Quote HistoryQuoted:
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?
Quote HistoryQuoted:
Quoted:
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. 
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Posted: 10/25/2013 5:25:57 PM EDT
[#8]
Quote HistoryQuoted:
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. It's not my favorite, but it pays the bills and feeds my family for the time being |
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Posted: 10/25/2013 5:26:21 PM EDT
[#9]
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"? |
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Posted: 10/25/2013 5:27:32 PM EDT
[#10]
You gotta do what you gotta do.
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Posted: 10/25/2013 5:27:59 PM EDT
[#11]
Quote HistoryQuoted:
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 |
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Posted: 10/25/2013 5:28:26 PM EDT
[#12]
Quote HistoryQuoted:
They sign a contract and it's in plain print Quote HistoryQuoted:
Quoted:
Quoted:
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. |
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Posted: 10/25/2013 5:28:43 PM EDT
[#13]
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. |
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Posted: 10/25/2013 5:28:50 PM EDT
[#14]
Quote HistoryQuoted:
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. Quote HistoryQuoted:
Quoted:
Quoted:
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!)
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Posted: 10/25/2013 5:29:13 PM EDT
[#15]
Damn, I gotta get into the payday loan business
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Posted: 10/25/2013 5:29:15 PM EDT
[#16]
Quote HistoryQuoted:
I don't see how that could be construed as misleading, intentional or otherwise. Quote HistoryQuoted:
Quoted:
Quoted:
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. |
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Posted: 10/25/2013 5:30:14 PM EDT
[#17]
Quote HistoryQuoted:
I don't see how that could be construed as misleading, intentional or otherwise. Quote HistoryQuoted:
Quoted:
Quoted:
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" |
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Posted: 10/25/2013 5:30:39 PM EDT
[#18]
Quote HistoryQuoted:
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. 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. |
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Posted: 10/25/2013 5:30:51 PM EDT
[#19]
What's your default rate?
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Posted: 10/25/2013 5:31:18 PM EDT
[#20]
Quote HistoryQuoted:
And I would assume most prudent people wouldn't sign a contract agreeing to the terms of our loans spelled out in plain English Quote HistoryQuoted:
Quoted:
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". |
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Posted: 10/25/2013 5:31:39 PM EDT
[#21]
Quote HistoryQuoted:
You should say "Four Hundred and Ten Percent" Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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 |
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Posted: 10/25/2013 5:31:55 PM EDT
[#22]
Quote HistoryQuoted:
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% |
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Posted: 10/25/2013 5:32:01 PM EDT
[#23]
Quote HistoryQuoted:
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!)
Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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. 
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Posted: 10/25/2013 5:33:02 PM EDT
[#24]
Quote HistoryQuoted:
Except your English isn't plain. You were specifically told to mislead the customer. Why else would you be instructed to say "four ten". Quote HistoryQuoted:
Quoted:
Quoted:
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 |
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Posted: 10/25/2013 5:34:12 PM EDT
[#25]
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. |
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Posted: 10/25/2013 5:34:34 PM EDT
[#26]
Quote HistoryQuoted:
Damn, I gotta get into the payday loan business 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. |
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Posted: 10/25/2013 5:34:37 PM EDT
[#27]
Quote HistoryQuoted:
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% Quote HistoryQuoted:
Quoted:
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 |
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Posted: 10/25/2013 5:36:02 PM EDT
[#28]
Quote HistoryQuoted:
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 Quote HistoryQuoted:
Quoted:
Quoted:
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? 
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Posted: 10/25/2013 5:36:14 PM EDT
[#29]
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. |
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Posted: 10/25/2013 5:36:33 PM EDT
[#30]
Quote HistoryQuoted:
You should say "Four Hundred and Ten Percent" Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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" If you said "four hundred and ten percent", would the response of the applicant change? |
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Posted: 10/25/2013 5:36:55 PM EDT
[#31]
Quote HistoryQuoted: 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"? 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. |
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Posted: 10/25/2013 5:37:18 PM EDT
[#32]
I'm sure these people that sign it can't read
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Posted: 10/25/2013 5:39:04 PM EDT
[#33]
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.
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Posted: 10/25/2013 5:39:18 PM EDT
[#34]
Quote HistoryQuoted:
I'm sure these people that sign it can't read Vicious circle huh? Can't read, shitty job, need shitty loan to buy booze and smokes, etc... |
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Posted: 10/25/2013 5:39:37 PM EDT
[#35]
Apparently I'm the only one who would expect a 4.10% interest rate to be spoken as "four point one."
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Posted: 10/25/2013 5:39:38 PM EDT
[#36]
Quote HistoryQuoted:
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 Quote HistoryQuoted:
Quoted:
Quoted:
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% |
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Posted: 10/25/2013 5:39:42 PM EDT
[#37]
Quote HistoryQuoted: 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. 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. |
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Posted: 10/25/2013 5:39:59 PM EDT
[#38]
... 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 |
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Posted: 10/25/2013 5:41:26 PM EDT
[#39]
Quote HistoryQuoted:
... 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 Not going to comment there.... |
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Posted: 10/25/2013 5:41:49 PM EDT
[#40]
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. |
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Posted: 10/25/2013 5:42:24 PM EDT
[#41]
Quote HistoryQuoted:
I'm sure these people that sign it can't read OP didn't say anything about the contract being written in cursive. 
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Posted: 10/25/2013 5:43:17 PM EDT
[#42]
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.
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Posted: 10/25/2013 5:43:42 PM EDT
[#43]
Quote HistoryQuoted:
OP didn't say anything about the contract being written in cursive. Quote HistoryQuoted:
Quoted:
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 |
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Posted: 10/25/2013 5:45:24 PM EDT
[#44]
Quote HistoryQuoted:
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? |
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Posted: 10/25/2013 5:45:42 PM EDT
[#45]
Quote HistoryQuoted:
Fuck those places. Scum of the earth. |
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Posted: 10/25/2013 5:47:38 PM EDT
[#46]
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? |
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Posted: 10/25/2013 5:48:48 PM EDT
[#47]
Quote HistoryQuoted:
No you aren't. How many of you bitching about the APR jump everybody's ass that calls ammo resellers gougers? Quote HistoryQuoted:
Quoted:
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. |
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Posted: 10/25/2013 5:49:02 PM EDT
[#48]
Quoted:
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 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. |
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Posted: 10/25/2013 5:51:38 PM EDT
[#49]
In this thread I am torn between my hatred of money changers and my hatred of the poor.
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Posted: 10/25/2013 5:51:55 PM EDT
[#50]
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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