Payday loan-check advance business questions.

[Midniteoyl]

Totally agree........Congress does it....why not you? After you build up some experience.....you might consider running for office.:thumbsup:

:drink:

.....

 

[Rollcenter]

i have a question for the [IMO] did you expect to get the kind of responce here that you did??

Basically yes, this is the response I anticipated..... I understand that many are against a business making a profit.

I was "hoping" for someone with firsthand knowledge to chine in but that has yet to happen on this forum.

 

[greasemonkeyok]

... I was "hoping" for someone with firsthand knowledge to chine in but that has yet to happen on this forum.

You don't know that.

 

[murphy1244]

Basically yes, this is the response I anticipated..... I understand that many are against a business making a profit.

I was "hoping" for someone with firsthand knowledge to chine in but that has yet to happen on this forum.

Its how your making a profit, hoping someones don't post on tbn

 

[TCJatko]

With the stroke of a pen by state government... your ability to operate goes away. Remember crooks don't like crooks moving in!

mark

You are correct in this. The State Legislature jn New Hampshire recently passed legislation limiting "payday loan" and other interest rates. Many of these businesses closed.

 

[Rollcenter]

You are correct in this. The State Legislature jn New Hampshire recently passed legislation limiting "payday loan" and other interest rates. Many of these businesses closed.

This, is my, as well as my lawyers biggest concern.

 

[BobRip]

If you don't allow this type of loan, then loan sharks will provide the service. Their rates are higher and their collection techniques are more violent.

 

[crazyal]

My first question would be who would your customer base be? They are popular near military bases, are you planning to be near one? If not what types of businesses are going to be near you? The business model needs to have steady employment and paychecks.

I'm surprised so many here are against this type of service. I'm for personal responsibility. If you choose to take out this kind of loan then so be it. When the government sticks it's hands into these types of businesses it usually ends poorly for everyone. It's like when the government killed off the "no interest no payments for xx months" credit card offers. That helped kill the economy. In November or December a person could go charge stuff for Christmas or repairs for the house and then pay off the card once they got their tax return in the spring. A friend who manages a local national "lumber" store said he say a 10% decline after that went into effect.

 

[Jstpssng]

Basically yes, this is the response I anticipated..... I understand that many are against a business making a profit.

I was "hoping" for someone with firsthand knowledge to chine in but that has yet to happen on this forum.

It isn't that people are against a business making a profit... some of us just take exception to those who willingly will take advantage of another's bad run of luck for the sole purpose of making a profit. However before responding in my usual knee-jerk way I did a search on the subject. Unfortunately for me,while several pages of ads promised me "up to $5000 deposited in my checking account in an hour"... the only site discussing the subject was Wikipedia...
Payday loan - Wikipedia, the free encyclopedia
This comment may deter you from your plan."Payday loans carry substantial risk to the lender; they have a net default rate of 6%,[5] and according to one study, defaults cost payday lenders around a quarter of their annual revenue.[6]

You might instead find a "rent to own" (sell a $400 fridge for 1600, then collect that much again in interest... and you can resell it multiple times when people default. ) Or maybe a "buy here pay here" auto sales... although the latter has become so popular that in many cases the vehicles are actually worth what people are paying for them... and the interest rates aren't as excessive.

 

[murphy1244]

The rate in Ohio is now set a 8%apr