High interest loan

[IncredibleHoss]

Haha i got a loan offer in the mail today saying it your $ use it how you want it
It was stamoed for $5000.

I called and asked what rates range fom. They said 20-36% i lolled hard.

Stupid citibank

 

[IncredibleHoss]

Predatory loans. Wow.

 

[chewyxrage]

Some of the cash advance loan stores around here charge 1,000-2,000%

It is insane. And people still use it.

 

[IncredibleHoss]

That should be illegal lol

 

[javaguru]

That should be illegal lol

Why? Anyone with basic arithmetic skills could figure it out. Oh, that's right the government is non-educating public school students.

 

[digimon7068]

Why? Anyone with basic arithmetic skills could figure it out. Oh, that's right the government is non-educating public school students.

because it's called fucking usery and it's illegal as hell...without the loopholes...that should have been closed the fuck up a long ass time ago...the only difference between that and actual loan-sharking is that they lender won't send someone out to break your fucking legs.

 

[javaguru]

because it's called fucking usery and it's illegal as hell...without the loopholes...that should have been closed the fuck up a long ass time ago...the only difference between that and actual loan-sharking is that they lender won't send someone out to break your fucking legs.

Ah, usury, an arbitrary standard set by government/religion. Usury in the Christian tradition had been charging interest and was morally wrong, that's why they let the Jews act as money lenders, they were going to hell anyway. Financial intermediaries are necessary in an economy and if I need a payday loan to fix my car so I can feed my family then why should the government interfere.

Is 19% interest or 23% interest on consumer debt usury? People willingly decided a Hawaii vacation was worth putting on their credit card. How do you put an objective standard on subjective value judgements?

 

[nangiggles]

my car had a 28% I had no credit at the time and my car broke down, I had to take it up the a#%, next car was way better of course.

 

[chewyxrage]

because it's called fucking usery and it's illegal as hell...without the loopholes...that should have been closed the fuck up a long ass time ago...the only difference between that and actual loan-sharking is that they lender won't send someone out to break your fucking legs.

In IL, you don't even need a court order.

If you sign it, your wages are garnished if you don't pay up.

What blows my mind is that the people I get these wage garnishments for are making 60-70k per year (our sales reps).

I'll see this woman getting a $5,000 paycheck and she's getting garnished for a pay day loan...um, wtf? Got a little coke habit there?

 

[bigmann245]

when I was in the Navy a lot of the guys would go to those payday loans and get so caught up in them that they fall so far behind its not funny. Then these loan places make you sign a form that gives them permission to talk to your command and tell them your a dead beat and not paying your bills. Once your command gets involved your screwed. But yea Ive seen many sailors get caught up in the payday loans. The other big thing was cash for your car title. Those loans are the worse in that you can be 1 day late and they can take your car over a $1000 loan. The interest is so high that each payment is only interest and you never touch the principle unless you pay more than the minimum but they know if your getting a car title loan that your financially strapped and they take every bit of advantage over you.

 

[-SD-]

Western Sky can put up to $10k in your checking account, based on trusting you!!!!!!!!!!111

 

[javaguru]

Western Sky can put up to $10k in your checking account, based on trusting you!!!!!!!!!!111

Their spokeswoman is a pretty hot native chick.

 

[SpyWizard]

because it's called fucking usery and it's illegal as hell...without the loopholes...that should have been closed the fuck up a long ass time ago...the only difference between that and actual loan-sharking is that they lender won't send someone out to break your fucking legs.

but where would union workers get loans?? from the Gov??

 

[-SD-]

Their spokeswoman is a pretty hot native chick.

Im sure thats not a coincidence

 

[Fitguy308]

Western Sky can put up to $10k in your checking account, based on trusting you!!!!!!!!!!111

For only 86% interest rate

 

[javaguru]

Im sure thats not a coincidence

Marketing 101.

 

[-SD-]

For only 86% interest rate

$785 a month for 84 months.
Fucking badass deal robs

 

[wootoom]

I just got a 2 week loan for pure dirt

 

[-SD-]

Cohagen sent Richter after me for defaulting on his payday loan

 

[digimon7068]

Ah, usury, an arbitrary standard set by government/religion. Usury in the Christian tradition had been charging interest and was morally wrong, that's why they let the Jews act as money lenders, they were going to hell anyway. Financial intermediaries are necessary in an economy and if I need a payday loan to fix my car so I can feed my family then why should the government interfere.

Is 19% interest or 23% interest on consumer debt usury? People willingly decided a Hawaii vacation was worth putting on their credit card. How do you put an objective standard on subjective value judgements?

pffft...that's simple...you are allowed to legally charge X% above prime, as determined by the treasury department...anything more than that is illegal...period...that's the way it should be...the people who take out bad loans aren't the ones who wind up picking up the tab, anyway...the rest of us do...and we're fucking tired of paying.

 

[javaguru]

pffft...that's simple...you are allowed to legally charge X% above prime, as determined by the treasury department...anything more than that is illegal...period...that's the way it should be...the people who take out bad loans aren't the ones who wind up picking up the tab, anyway...the rest of us do...and we're fucking tired of paying.

and when high interest loans are illegal then people go to organized crime to get their loan; Which places a premium on interest because the "loan shark" is engaged in an illegal activity.

The government guarantees most mortgages, guess where the government gets their money, they don't have any resources of their own. I would prefer the "loan shark" system to the Federal Reserve that creates magic money out of thin air to support banksters.

 

[IncredibleHoss]

I pull peoples credit daily. Im a lender. Some of the blows me away.
A) people with 50k+ in credit card debt with a annual salary of 50k
B) people who need a a 4k loan who make 100k a yr.
C) people with 600+ car payments x3

Lol

 

[zeosim]

^^^ that's crazy!! Which is why I'm so happy my wife and I live within our means we never rely on credit that is so dumb. If you can't afford it with cash you shouldn't be buying it period.

 

[UA_Iron]

I remember reading a Maxim article talking about how payday loan places and the rent-to-own furniture places would be the next hot thing to invest in. This was pre-2008, lol.

There's some truth to all this... If you can't do math you have no business spending money you dont have (just save as much as you can). If you can do math then you should already be doing this.

Unfortunately, our "Nanny State" frowns on this kind of behavior and thinks its predatory for places to do this because of its impact on minorities.

 

[digimon7068]

and when high interest loans are illegal then people go to organized crime to get their loan; Which places a premium on interest because the "loan shark" is engaged in an illegal activity.

The government guarantees most mortgages, guess where the government gets their money, they don't have any resources of their own. I would prefer the "loan shark" system to the Federal Reserve that creates magic money out of thin air to support banksters.

well...i suppose that would be an option...another one would be to NOT FUCKING BUY SOMETHING THAT YOU CAN'T AFFORD, and avoid the whole debt thing all together...jus' sayin'.

 

[SpyWizard]

I pull peoples credit daily. Im a lender. Some of the blows me away.
A) people with 50k+ in credit card debt with a annual salary of 50k
B) people who need a a 4k loan who make 100k a yr.
C) people with 600+ car payments x3

Lol

now that is nuts..

BMW is .9 financing, i don't mind that at all..

 

[javaguru]

well...i suppose that would be an option...another one would be to NOT FUCKING BUY SOMETHING THAT YOU CAN'T AFFORD, and avoid the whole debt thing all together...jus' sayin'.

indeed