How the fuck can payday loan places get away with this kind of APR? Is owning a...

Ignoramus
Ignoramus

How the fuck can payday loan places get away with this kind of APR? Is owning a payday loan business the secret to getting rich quick?

Booteefool
Booteefool

@Ignoramus
/r9k/

try it

Evil_kitten
Evil_kitten

@Ignoramus
"Hey, look at me, I am incredibly retarded and willing to agree to a loans terms because fast money. I trust that capitalism will treat me equally and fairly."

viagrandad
viagrandad

@Ignoramus
Remains to be seen how Obama's latest policy change will affect their bottom line. Because it requires them asking a lot more intrusive questions, he's walking a fine line between "You're not protecting the stupid people" and "You're embarrassing low income people who need loans".

ZeroReborn
ZeroReborn

@Evil_kitten
there is literally nothing wrong with being a massive jew
hey, if the bank didn't want robbed, it would've used a better vault lock, I'm totally blameless

GoogleCat
GoogleCat

Can I get a 40 dollar loan? where can i do this

takes2long
takes2long

@GoogleCat
Cash advance on your credit card

idontknow
idontknow

@ZeroReborn
inplying the bank walking up to you and handing you tbousands of dollars is bank robbery

Emberburn
Emberburn

@Ignoramus
How the fuck can payday loan places get away with this kind of APR?
because capitalism
Is owning a payday loan business the secret to getting rich quick?
you can get pretty rich, keep in mind people who take these are equal parts poor and stupid, youre gonna get tons of people defaulting and then you have to pay someone to repo their car and pay another person to sell it

SniperGod
SniperGod

@idontknow
implying they aren't actively baiting people they know have poor financial literacy and bullshitting them with phony promises until they take the bait
I know honest money is hard, but it doesn't make being crooked OK.

RumChicken
RumChicken

@Ignoramus

Because, it turns out, they're meant for quick, short term emergency payments that are supposed to get paid back almost immediately, so the borrower rarely pays any of the more ridiculous fees/interest.

SniperGod
SniperGod

Hard to get rich quick when you can't collect what you're owed.

eGremlin
eGremlin

@Booteefool
fuck off posting that you cunt your ruining this fucking board

farquit
farquit

@SniperGod
This plus litigation costs to go after defaults.

iluvmen
iluvmen

@Ignoramus
Recently in uk around 70% of payday loans were written off as loss because of new regulation, goverment said if people cant pay them back you mustnt pursue them or something along those lines.

SniperWish
SniperWish

@SniperGod
actively baiting people they know have poor financial literacy and bullshitting them with phony promises until they take the bait
You mean like Robinhood?

BinaryMan
BinaryMan

@iluvmen

There will be more legislation passed like this in the U.S.

If the big banks aren't doing it (follow the big money) you can suspect they don't think the long term prospects are there

Raving_Cute
Raving_Cute

@SniperGod
phony promises
Gonna need a citation. There is absolutely nothing wrong with borrowing $255 to cover rent and paying $300 back in 2 weeks as long as you agree to the premises of the loan. And it's pretty straight-forward since you have to sign like 4 sheets saying you will pay back the loan plus x amount within two weeks.

Nude_Bikergirl
Nude_Bikergirl

Good luck getting the debtors to pay.

SomethingNew
SomethingNew

@SniperWish
The trading platform or mythical character? Because if it's the latter, sure, if we rob the rich, they won't till the soil, prepare meals, stock shelves, roll steel, deliver mail, etc.

eGremlin
eGremlin

@SomethingNew
they won't till the soil, prepare meals, stock shelves, roll steel, deliver mail, etc.
The rich do all those things?

And didn't Robin Hood rob the government of Nottingham?
I think that's why the sheriff was always after him.

kizzmybutt
kizzmybutt

@eGremlin
No, they don't, but they've sure got a lot of this country thinking they do.

Also, the comparison to government isn't really as 1:1 as it looks. A monarchy is so different from a republic or democracy. A monarchy is basically a dictatorship of a rich family. In a democracy or republic, the people are the government. Robin Hood stole from one rich asshole more than he stole from any "government" as we know it, which is why neocons trying to claim Robin Hood as one of theirs is beyond absurd.

Skullbone
Skullbone

@Ignoramus
secret to getting rich quick
They're a shit fuck piss poor buisness because the sort of people that use payday loans aren't going to be able to pay back 170,000% annualized compound interest and you're just going to be sitting on fuck tons of non-performing loans.

Emberfire
Emberfire

@kizzmybutt
they've sure got a lot of this country thinking they do
You're a Republican, huh?

StrangeWizard
StrangeWizard

I've always thought of owning a payday loan establishment but the only thought that runs through my head is nobody paying any of their loans back and defaulting.

Stupidasole
Stupidasole

@Emberfire
Nope. Can't be a Republican if you don't worship the rich and hate labor.

Illusionz
Illusionz

@StrangeWizard
You're supposed to make loans to people on terms that it's obvious will be difficult to pay back, and cry to mommy government when, surprise, they don't pay it back. Mean old mommy government will even reward you for failing, allowing you to deduct bad loans against successful attacks and, at the federal level, wages from your day job.

Nude_Bikergirl
Nude_Bikergirl

@GoogleCat
For that kind of money you're better off asking people you know.

Otherwise borrow the lowest amount you can find like 100-500 and only use 40 out of that.

BinaryMan
BinaryMan

@Ignoramus
if its legal in your state start up a title loan business. you can get running cars legally because people miss a $50 payment.

iluvmen
iluvmen

@Stupidasole
worship the rich and hate labor
What about just one?
I mean, if you worship the rich, but don't hate labor, can you get some kind of credit for that?

Sharpcharm
Sharpcharm

@iluvmen
No, you get called a RINO.

When I say worship, I mean old testament God worship. You do not question Him. He floods the world, it's right and just. He tells you to cut your son in half, you do it. This blind obedience and sacrifice is what they demand of you. The second you say "but my country" or "but my environment" you are branded with a scarlet S for Socialism.

haveahappyday
haveahappyday

@Sharpcharm
I mean old testament God worship
Well that sounds kind of demanding.
How about if you flip it?
You know, if you don't worship the rich, but hate labor?
That sounds more chill than flooding the world and whatnot.

SniperGod
SniperGod

@Stupidasole
ebul Rethuglicans hate labor
Funny how the Dems love labor so much they make sure no one ever leaves the lower-middle class. Why should I work harder for a raise when my lower Obamacare subsidy will eat it up anyway? Looks like I'll be $60k/year for life.

Deadlyinx
Deadlyinx

@Raving_Cute
Tbh this. Not everyone is able to be approved on a bank loan, but if they got a paycheck coming soon the size of the loan they want to take out... I hope to never need one but it's a likely necessary niche

PackManBrainlure
PackManBrainlure

@RumChicken
So how many people who have no immediate cash on hand are able to pay back a thousand dollar loan in less than a week?

PackManBrainlure
PackManBrainlure

@SniperGod
dur hur u must like da dims
Retards aren't even subtle.

Sharpcharm
Sharpcharm

they are beginning to be lobbied against and there are new companies in the making that are changing the way people get paid

Need_TLC
Need_TLC

@PackManBrainlure
And I mean again you're defending the kikery's exploitation of the most desperate borrowers. Maybe that's a step up from being a NEET or shilling shitcoins. But then taxpayers aren't subsidizing them to anywhere near the extent that we subsidize banks and other reckless businesses that can't get their greasy snouts off the dole.

lostmypassword
lostmypassword

@Ignoramus
There's high risk involved loaning money to people who are poor due to being stupid.
But high interests tend to make up for it.

TreeEater
TreeEater

@Ignoramus

loan money to niggers, felons and crackheads
they are totally gonna pay me back

yeah user its totally easy money LOLOLOL

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