Payday loan-check advance business questions.

[Midniteoyl]

Ummm right here in the great state of Ohio. Houses were selling at top dollar and the banks were forced to give loans to people that did not qualify but took them out anyway.

Forced?? Really? You think banks were forced to give those loans out?? So the whole banking bailout biz was 'cause they were forced into giving out bad 125% loans on houses that were inflated 200% that weren't due for 7 years backed by 'real honest' insurance from AIG.


okie dokie..

 

[Midniteoyl]

Actually, what you are saying is correct in my opinion except for the part where you say they were not forced to give loans. They were forced in the beginning. But later, they didn't seem to mind because they were going door to door in some cities to try to round up loans to make new bond offerings.

If they are forced to make a loan, they shouldn't advertise that, and they shouldn't go door to door.

But if theywant to do it, are they forced? Perhaps, since I can't stop, even if I wanted to. But for the period they seemed quite willing too make bad loans, it is difficult to impossible to be sympathetic to the "forced" aspect.

Wheres this 'forced' coming from??? No one 'forced' anybody in that whole mess.. Banks gave, people took, a few made huge monies. There was no 'forcing'.. there was a lot of REIT'ing, but no forcing..

 

[Western]

I only read 2 pages, so this may have been recommended or posted already. May be more "honorable" to be a lender on something like Prosper. I think there are 2-3 more with a like format, same risk though and less return. but much better than a banks %

Personal Loans and Online Investing - Peer to Peer Lending - Prosper

 

[EE_Bota]

Wheres this 'forced' coming from??? No one 'forced' anybody in that whole mess.. Banks gave, people took, a few made huge monies. There was no 'forcing'.. there was a lot of REIT'ing, but no forcing..

If you have managed to miss being informed about banks being forced early on, why do you now wish to become informed? Apparently you are quite happy believing as you do.
According to the post, the pressure is building AGAIN.

Obama administration pushes banks to make home loans to people with weaker credit - Washington Post

But that is about Obama. Obama was not necessarily involved at all in the first go round, but he could be, since the pressure starts locally with massive protests in front of your bank, and that is organized by the "community organizers."

Some banks even made hefty payments to ACORN and other groups if they were planning a merger so these groups would not show up the the regulatory meetings and skuttle the project. This was pretty common at that time...community groups showing up to extort money from businesses a la "Rainbow Push."

So, I believe my statements are fair and truthful about force early on, and bonds later on. I a simple world, one cause leads to one effect, but in the real world, everything tends to morph.

 

[murphy1244]

Forced?? Really? You think banks were forced to give those loans out?? So the whole banking bailout biz was 'cause they were forced into giving out bad 125% loans on houses that were inflated 200% that weren't due for 7 years backed by 'real honest' insurance from AIG.


okie dokie..

don't take the loan then.Nobody put a gun to your head to sign the papers to your overpriced shack.

 

[Dr_Zinj]

In my experience, it's cheaper to bounce a check, or even several, or to pay a late fee on a bill than it is to take one of these payday loans. I saw way too many young GIs get taken to the cleaners by these people.

The problem is, there is a demand for this service because there are a heck of a lot of people who are terrible at handling money, making and sticking to a budget, finances in general; and because there are times when (especially when you're starting out on your own) that you don't have any choice when life kicks like a mule. The rates they charge are what they are because the chances of not getting paid back are very, Very, VERY high. Charging less might be more "humane" or moral, but more like a bad way to have your business go broke fast.

 

[Wood_Butcher_Dav]

On the way in from work this morning listen to a report on NPR that had a business that rent tires. In another words you pay a small weekly tire fee instead of a few hundred at once. This would be over an 18 month period. I guess no different from the rent to own places. Just glad i never had to use such places.

Dave

 

[murphy1244]

On the way in from work this morning listen to a report on NPR that had a business that rent tires. In another words you pay a small weekly tire fee instead of a few hundred at once. This would be over an 18 month period. I guess no different from the rent to own places. Just glad i never had to use such places.

Dave

Now that's a new one!

 

[Midniteoyl]

don't take the loan then.Nobody put a gun to your head to sign the papers to your overpriced shack.

Exactly! Now were on the same page :thumbsup:

 

[Jstpssng]

Getting back to the OP's queation; if you feel you can make it work and it's something you want to do, then go for it.I believe in the free market system, although I personally couldn't live with myself if I capitalised on another's misfortune; yet that's my choice. I do believe though, that if a person/LLC/Corp loans money to people who's finance/ credit history indicates they are unable to repay their debt , shouldn't be able to hide behind the argument "they signed a contract"... while tacking on $100 or more per month in penalties and interest, on a $250 credit card. It's obvious to me at least, that when you issue a card to these people that you know they can't pay, yet fully intend to use whatever means is necessary to make a profit.

Getting back to the OP... please refer to my first sentence.