Payday loan-check advance business questions.

[Loadstar]

Not much different than credit cards, buy here pay here, and rent to own. It is the new fashion in today's society, spending what you don't have. If people like flushing their money down the toilet why not net it up? People love buying material crap. We have a rent and roll here in town. People are so ignorant that they rent wheels and tires for their buy here pay here cars. I'm glad I'm not a debt slave.

OP- maybe it would be cheaper to have a buy here pay here lot and put some rims on all the cars. Quite possibly a buy here pay here/cash advance/tattoo parlor/RTO could make you a millionaire.

 

[murphy1244]

cash for car titles is the new thing

 

[brain55]

They're usually run by scumbags who prey on society's most vulnerable and desperate.

Ever consider selling drugs or prostitution? The return on investment can be very good too. Doesn't seem like you have a problem with any moral or ethical considerations, but perhaps the legal considerations would be the show stopper?

Reminds me of the excuse the government is using to justify spying on Americans, or excuses other Reichs used in the past: "Hey, there's nothing wrong with what we're doing, it's perfectly legal".

With this type of thinking, I'm probably a terrible person for taking money from people for fixing their broken tractors. I mean geez, how dare I, this is how they make their living.

Brian

 

[BobRip]

He does not bother me in the least, I get it, he does not agree with the payday loan industry, that's his choice. He don't have to use one if he chooses not too, But for many, in today's economy, this type of service is a necessity.

Not ALL people in this, or any type of business are bad people.

I suspect that in this business you have to be very tough to deal with borrowers. If you are not a bad person now, you probably will be, or go bankrupt.

 

[CobyRupert]

Non sequitur. You can't compare fixing or producing things to charging debt service to desperate people that are digging themselves a bigger hole from which there is no escape. But like others say, if ignorant, desperate people want to go into debt, hey, they should be free to do so (just like if they want to do drugs or turn tricks.) Freedom! (right?) Is it good for society? eh, who cares? Long as I get mine. Praise Jesus!

To be fair: I don't know what the maximum interest rates, fees, and charges are in the OP's state. And the judgement as to whether these businesses provide a valid service or do they take advantage of the ignorant and desperate is subjective. IMHO they do the later. And yes, to some degree you can say the same things about credit cards and banks.

 

[fordmantpw]

Non sequitur. You can't compare fixing things to debt service to

Why not? It's a service you perform to help someone out. If those loaning the money are such bad people, then why don't the folks that use the payday loan places go elsewhere? That's right, because they can't! And if the borrowers want to pay exorbitant interest rates to buy something, then, well, the person loaning the money is fulfilling a need and providing a service?

 

[brain55]

Why not? It's a service you perform to help someone out. If those loaning the money are such bad people, then why don't the folks that use the payday loan places go elsewhere? That's right, because they can't! And if the borrowers want to pay exorbitant interest rates to buy something, then, well, the person loaning the money is fulfilling a need and providing a service?

Capitalism 101

 

[fordmantpw]

Capitalism 101

Precisely!

 

[murphy1244]

What are you going to do when you don't get your money back?

 

[CobyRupert]

Fordman says: "Why not? It's a service you perform to help someone out." Well bless his heart, helping all those people! Although some would call it predatory lending. What's the business model say: 250%, 350% 400% APR? (Although maybe that's not fair cause they're short term loans)