Payday loan-check advance business questions.

[PILOON]

If you compare prices between big stores and dollar stores for the same items you will find as much mark up and even more than the check cashing and pawn shops get.

I have seen $1.00 items sold for $20.00 as an example, and generally all made in China.
Power tools is prime case. Nothing made in US any more--all imported

Recently I shopped car parts and prices were all over the place, like $500 for OEM and on line for $50 delivered, brake pads $100 oem, on line $25 etc etc. from a China web site same pads were in $2-3 range but min order was 1000ea.

So nothing wrong with charging decent rates for cashing checks nor pawn brokering IMHO.

 

[kenmac]

You may want to Google that. All may not make charitable contributions, but a quick search will show some that do.

I don't have to google that. Name which ones don't donate. Hospitals here serve the poor and wright off what they can't pay. .I'm a Plumber. I have performed work for no charge for those that couldn't afford to pay. I have installed A/C units for those that can't afford it

 

[swick1]

If you can't say something nice...

 

[kenmac]

WOW!!!! Now that's a BOLD statement!!!!:laughing:

That's because most large and some small companies do help the poor at no cost. The ones he listed do give donate,etc, to those that can least afford it

 

[Gale Hawkins]

Payday loans locally state 197% interest l learned when I paid off one for a person recent. I was mad at them until I learned the bank was charging her twice as much or more for the same $500 over draft protection that she was using as a loan. The bank charged $25 for each check over limit and $5 per day.

Folks that use CC, Payday loans (SS checks count for payday loans I learned) and bank over draft protection (left feature off of new account in hopes it will curb the practice) often are at a point of no return due to paying 200-300% interest rates to these places and banks.

 

[fordmantpw]

Don't forget that everyone that uses Payday loans aren't "poor". Many are just too impatient to save for what they want, so they take out a loan at a high rate to get it a few days sooner. Many "poor" folks are too smart to use payday loan places, or can't afford to use them.

 

[Gale Hawkins]

Probably a correct statement.

However the return on investment is enough to make me consider opening one.

Rollcenter on this end of KY payday loans carry a stated interest rate of 197% and I have the form the lender has the person to sign.

Even at this rate it is about 50% less local banks charge for over draft protection so payday loan shops are not the biggest scum bags in the business.

In the case I was helping with the issues started after the husband rolled the tractor on top of himself working alone. He had managed all of the money and was good at it but he died without insuring others were able to do the same in the household.

Not sure how long KY will permit this to go on. It is cutting into to the banks income from over draft services that cost more than pay day loans if used so banks do not like the pay day loan people and have a lot of clout in Frankfort.

 

[sam5570]

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.

i don't think there is one person who posted on this subject is aganist or don't want you to make money. the reason i ask you the question is that the majority of people on tbn are hard working farm boys and girls or was raised on a farm, and some retred and now enjoying ther farm. not 100% but most live responsible. common sence tell's me this is not the place to ask that kinda question. to get the postive responce and inside info your looking for facebook is your best bet. just my opnion witch means nothing.

 

[CobyRupert]

...so your lawyer agrees that there is a very big risk that your state, like others states have decided, will treat you the same as they do prostitutes and drug dealers (i.e. make your business illlegal, or impose strict limitations). Hmm, wonder why? They must just hate to see people make a living.

 

[fordmantpw]

...so your lawyer agrees that there is a very big risk that your state, like others states have decided, will treat you the same as they do prostitutes and drug dealers (i.e. make your business illlegal, or impose strict limitations). Hmm, wonder why? They must just hate to see people make a living.

Because we all know that the government is only here to look after the good guys, huh? Riiiiigggght!! Ever heard of lobbyists?