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Old 06-03-2016, 06:59 AM   #51 (permalink)
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Only time I ever used a check cashing place was when I worked for a business for 1 week and they paid me with a starter check. I quit and paid whatever fee the check cashing place charged and at least got most of the pay.So they did provide a service, because I was new in town and had no local bank account back then.

Not quite the same, but its a mostly worthless anecdote anyway.
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Old 06-03-2016, 07:02 AM   #52 (permalink)
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The sad thing about it is I'd be willing to bet the majority of the people taking these types of high interest loans don't understand them to begin with. The don't know what 300% of anything is. Nor do they care when they become delinquent. When they are late paying or don't pay it doesn't really hurt them anyway...

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Old 06-03-2016, 07:04 AM   #53 (permalink)
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Quote:
Originally Posted by Filthy McChevy View Post
Only time I ever used a check cashing place was when I worked for a business for 1 week and they paid me with a starter check. I quit and paid whatever fee the check cashing place charged and at least got most of the pay.So they did provide a service, because I was new in town and had no local bank account back then.

Not quite the same, but its a mostly worthless anecdote anyway.
This may be a stretch, but that might be the only legit example I've heard of.
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Old 06-03-2016, 07:17 AM   #54 (permalink)
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My buddy runs a pawn shop and charges 30% per month. Multiply that by 12 and you get 360% annual interest. All of a sudden the 300% becomes a deal.
That's not how math works.

Ignoring any payments, that's more like 2000%+ anual.
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Old 06-03-2016, 07:21 AM   #55 (permalink)
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When I first got divorced, still under temp orders, I had to pay out a LOT.

Still paying house note, still paying for the car she drove and insurance, still paying all CC's (That never ended) and paying her 1500 a month cash.

I had to do pay day loans for 4 paychecks until I could catch up to what was flowing out.

I get paid twice a month, after a week I was out of cash and no other place to get money (All my belonging were still at the house, I couldn't take them since we didn't have a division of property agreement. So no pawn shop for me. But that didn't stop her from selling most of my guns)
So I would pay off that loan next payday. Like I said I did this 4 times until I caught up.

Yes it takes a big bite out of what you had, even when you a really only borrowing the money for one week.

Bit sometimes it is the only option.
I feel bad for people who get stuck in that hole and can't get out.

Even if it is because they don't know how to manage money.
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Old 06-03-2016, 08:54 AM   #56 (permalink)
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No you fuck wit. I did not say it was EXACTLY the same.

I said the end result was similar. Not until k5king no one has posted any of payback times vrs precentages.


And i have worse than zero finance education, zero personal experiance with loans.
Read what i wrote again you dense retard. You are a complete idiot if you think you paying 2x your home loan over its life is the same as a 300% loan over any span.

You may just want to quit comparing $ in a thread you know very little about. Most everyone can at least agree they are foolish loans.
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Old 06-03-2016, 09:04 AM   #57 (permalink)
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why should they be illegal again?

There are casinos.
There are lotteries.
There are 25% credit cards.
There are 30% used car dealers.

And they are used frequently.
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Old 06-03-2016, 09:30 AM   #58 (permalink)
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Funny this popped up tonight, I was just talking to the wife about opening one of these places. My plan was stick to 15%, they right me a check for $300 and I give them $255 cash. In two weeks I cash the check. This way they don't have to come back. Also do title loans on cheap cars. Car is worth 2K, I loan them $500 with a 15% payment plan. If they don't pay, repo and sell car. You could loan on anything of value, almost have a second business selling the shit you repo. Kinda like a pawn shop, but with cars, bikes and boats. Keep it honest and be upfront about the fees.
Heres some free business advice

If you ONLY charge 15% you wont make enough money to stay in business. If your competitor charges 30%, why would you HALF that when all you need to do is drop his price by a few percent, say 25-27% and still steal a good majority of his business.

Lets say you charge a 15% interest rate and you steal 100% of his clients.

OR

You could charge a 27% interest rate and steal 75% of his clients.

Even though you don't have as much "business" youd still be making a hell of a lot of profit. Not to mention the store size and staff you'd need to assist all those customers. Honestly I'm not surprised your "4x4/fab" shop didn't work out, you don't know the first thing about Business 101

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Old 06-03-2016, 09:33 AM   #59 (permalink)
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Ever run your mortgage payment out over the life of the loan and compared it to what you borrowed?

30yx12m = 360 payments

My payment is $1800m

S1800 x 360 payments = $648,000

We borrowed $309,000
I can't imagine why anyone would get a 30 year mortgage. When I bought my house the monthly payment was only 20% or so more for a 15 year vs a 30 year.
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Old 06-03-2016, 09:39 AM   #60 (permalink)
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Our lube kid at work does this shit. He has to get off work on payday so he can rush in to pay off his loan only to take out another loan. WTF? I asked him if he wanted to borrow some money to just pay it off and be done with it. Nope. Didn't want it. Then he goes out and buys a $700 turbo and $600 intake for a car that is a long term project. He's broke again and his tags on his daily are past due 7 fucking months. The kid is lost. Can't help him.
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Old 06-03-2016, 09:39 AM   #61 (permalink)
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why should they be illegal again?

There are casinos.
There are lotteries.
There are 25% credit cards.
There are 30% used car dealers.

And they are used frequently.
This. If the interest rate is communicated and the risk is conveyed to the person taking out the loan and both parties are in agreement, who cares??

Its comforting to see we have solved evrey economic problem and we are now working on cleaning up the scraps.... oh wait
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Old 06-03-2016, 09:40 AM   #62 (permalink)
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What cards are you getting pre-qual'd for that have 25% interest?
I have a near 800 credit score and the credit card I use for virtually everything has something like an 18% interest rate. They have to pay for all those rewards somehow. People like me clean up with them. Reap all the benefits of the rewards and pay their bill off monthly never paying a dime of interest. People who don't have the discipline to do that pay for my rewards and I thank them for it.
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Old 06-03-2016, 10:02 AM   #63 (permalink)
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I have a near 800 credit score and the credit card I use for virtually everything has something like an 18% interest rate. They have to pay for all those rewards somehow. People like me clean up with them. Reap all the benefits of the rewards and pay their bill off monthly never paying a dime of interest. People who don't have the discipline to do that pay for my rewards and I thank them for it.
Same here. I'm 800+ and put everything on an unlimited 2% cash back card. Never have paid a lick of credit card interest.

Just wondering what cards are rolling out with 25% right off the bat. Most of the offers I've seen are 11-15%.

EDIT: Forgot to quote east_beast
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Old 06-03-2016, 10:27 AM   #64 (permalink)
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Same here. I'm 800+ and put everything on an unlimited 2% cash back card. Never have paid a lick of credit card interest.

Just wondering what cards are rolling out with 25% right off the bat. Most of the offers I've seen are 11-15%.

EDIT: Forgot to quote east_beast
I got a Lowes card for the 10% off then paid it off immediately. My credit score is over 800 and the Lowes card has a 24.99% rate unless you use is during a promotion for a lower rate.
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Old 06-03-2016, 11:38 AM   #65 (permalink)
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Funny this popped up tonight, I was just talking to the wife about opening one of these places. My plan was stick to 15%, they right me a check for $300 and I give them $255 cash. In two weeks I cash the check. This way they don't have to come back. Also do title loans on cheap cars. Car is worth 2K, I loan them $500 with a 15% payment plan. If they don't pay, repo and sell car. You could loan on anything of value, almost have a second business selling the shit you repo. Kinda like a pawn shop, but with cars, bikes and boats. Keep it honest and be upfront about the fees.
You do know this exactly how the payday loans work? About a year ago I was in a situation where I had to use one. They gave me $255 and I had to give them $300 on my next payday. It's a $45 fee for that much money, the interest rate depends on what day you are borrowing. 300%/year is on the low end.

For example, lets say you get paid on the 1st & 15th:
Get the money on the 2nd and pay back on the 15th = $45 fee
Get the money on the 9th and pay back on the 15th = $45 fee

Your interest rate can be a lot more than their advertised rate.

I learned my lesson, never do that again.
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Old 06-03-2016, 01:13 PM   #66 (permalink)
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They can be helpful, if used as intended. Its a poor persons credit card. If you stay at the low end and pay it off, its ok. But the idiots that max out on the loan are like the people who max out their cc's and pay for stuff over and over.

Tote the note car lots are even more evil. They take someone's whole tax return and a couple years worth of payments for a car that is barely worth $1000.

Its a good system if you are on the side getting the money. People make poor decisions and they are there to reap the benefits. They are providing a high risk service to people that may or may not pay them back.
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