Payday Loans

[KC9ECI]

News article Link (http://www.lacrossetribune.com/articles/2007/07/29/news/00lead.txt)

Reading the comments, I'm somewhat amazed that these places were ever allowed to begin with.

[n6yg]

I agree whole heartedly!! If you or I were to loan money in this manner, we would quickly find ourselves behind bars for loansharking. It's not about being legal or moral its about paying off the right people.

[ka5s]

Quote[/b] (KC9ECI @ July 29 2007,20:06)]Reading the comments, I'm somewhat amazed that these places were ever allowed to begin with.
My experience is that the pawn shops near military bases in Georgia and Kansas in the 1960's might charge 10% to 25% per month. It really didn't take too long to start loaning MYSELF money, you know?


Cortland
KA5S

[KC9ECI]

You'll find me walking the sides of the road in search of beer cans before I'd go to one of these places.

[AC4BB]

With all the fees and charges some around here are charging as much as 455% interest.

[w5klb]

Quote[/b] (AC4BB @ July 29 2007,22:50)]With all the fees and charges some around here are charging as much as 455% interest.
And some even more. Read on...

Quote[/b] ]The interest rates on payday loans range from 300% to over 1,000%. Compare that to the interest rate on a small personal loan from a bank, which tends to be more than ten times lower than the rates on even the lowest rate payday loans. Even a relatively high-interest rate credit card has a much lower rate than a payday loan.

More Information. (http://financialplan.about.com/od/creditanddebt/a/PaydayLoan.htm)

[N0KLT]

One of the fastest growing businesses, or so it seems the way they keep popping up around here, is those type of loan until payday places. They must be doing a lot of business as many of them have sprung up around here. A few years ago there were only 3 or 4 of those places that I was aware of, but suddenly in the last year or so they are everywhere. I think every new little strip mall that has come in lately has at least one business like that. Amazing. Thats almost as good a scam as the rent to own places here in town. It is amazing what kind of weekly rent they get for tv sets and home appliances. P T Barnum was right except he underestimated the frequency of birth I think.

[W4MAJ]

I have to wonder if title loans are any better.