What kind of people use these places?

What kind of people use these places?

It is downright immoral...

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freakonomics.com/podcast/payday-loans/
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desperate people?????

desperate niggers

People too stupid to know how interest works? Although if you repeatedly withdrew cash just for the sake of immediately returning it it'd probably be a fairly quick way to boost your credit ratings.

people who need money?

Poles

Poor niggers who can't plan a day ahead of time.

Poor people with shitty credit who couldn't get a loan at a normal bank and haven't quite sunk to the level of robbing people to pay their bills.

They're kinda a necessary evil. If we got rid of them we'd basically need to force banks to extend credit to subprime applicants or brace for a huge spike in crime.

Indeed, it is a place for people with low credit ratings.. If they had a better credit rating they could borrow at a lower rate from a bank. It is a good way to get good credit again from the bottom. Also, if you know for sure you are getting cash in the future, it is not a bad thing to do anyway.

poorfags

Niggers

>Also, if you know for sure you are getting cash in the future, it is not a bad thing to do anyway
so paying interest rates that are abusively high is a good thing?

Niggers with no future time orientation.

If you're actually bothering to pay back what you owe when it's due the interest rates are irrelevant. It's just that the kind of people who are using these places are generally retards who think they're just getting free money.

I have done this myself actually, when I knew payments were coming through at the end of the week. Of course there are better ways of borrowing.

The good thing about places like this is that they give out loans fairly indiscriminately (hence the need to charge high interest rates as they lose a lot to non payers).

I used them a couple of times. It was actually helpful, and I was more than happy to pay the exorbitant interest rate at the time.

They are run by jews, but are regulated usually… they dis a study to see if they should be outlawed, but found that they actually do provide a needed service that can be beneficial.

obviously you want to avoid whenever possible.

Poor people. Exclusively.

Pretty sure you need to provide a pay stub in order to use the service but whatevs

...

My main point is that these types of places serve an important role.

If your credit rating is shot, no one else is going to lend to you. You might need a small amount of capital at a pivotal point to start earning money (buying a car for work for example).

Lil Wayne

>It is downright immoral...

Niggers use them. Jews own and operate them.

um, no nigger. its not like your credit cards. they charge you no matter when you pay it back. if you borrow the money for 15 minutes you still end up paying a ridiculous fee.

>buying a car for work for example
even if you have shit credit you can get a car loan for a shitty car and pay way less in interest than borrowing from a payday lender.

If you can get a loan at a cheaper rate then of course go for it, I would think a bad enough credit rating would make this at least very hard though.

Because of all the financially broke people it attracts, right? This means liquor stores are immoral because of alcoholics and casinos are immoral because of degenerate gamblers. It's not the business's responsibility to keep people's lives on track. Cash loans aren't inherently bad, many people actually just use them once when in a pinch.

There are "payday lenders" here in Lithuania that'll give you your first loan with 0% a interest rate. It's like a drug sample.

there are lenders that specialize in giving car loans to people with shit credit and they do it for way less than these places.

There is probably an easy way to rip these people off right? Especially online based payday loan sites.

Anyone care to share a tut?

All usury is immoral, OP.

Kind hard to rip people off whose business it is to rip other people off

this.

the only way to rip them off tends to involve either fake or borrowed identities or ruining your credit for 7 years.

I agree that they aren't particularly moral, given the interest rates that they charge the desperate and poor that need a short term loan. However, they do serve a purpose and have other customers too, those who don't/can't have a bank account.

One can get government payments of most kinds paid by cheque to an address, so that's usually not the problem. Cashing that cheque might be a problem without a bank account, and without one no direct deposits are available. So why would want to not have a bank account?
Many are trying to avoid paying taxes on cheques paid by an employer or contractor "under the table" so they don't want a bank account where all of that can be tracked.
Most cheques will be "held" for five business days or more to clear, unless there's already enough cash in an account to cover the cheque. So a personal or business cheque can't be "cashed" at the bank unless it's the branch holding the account from which the cheque is written.
A lot of people have garnishments on them, so depositing a cheque to the account will lead to the money getting scooped. Those under an order to pay money to the court for a fine, for child support, or spousal support will find the same thing. So they don't want their money to land in a bank account at any time.
Then there are simply those who want to live "off the grid".
These businesses charge a fee to cash any cheque, even from the government. Since they aren't a bank the can charge a fee for it.
These are also frequently locations to send and receive money for a fee through Western Union or whatever.
And many also offer currency exchange, at a brutal rate of course. So a kid who stole Aunt Olga's euros can convert them here into dollars without having to use a bank.
So yes, they are scummy. But they have a lot of customers. That's why you see so many around.

You say you need a loan? Well, I'm glad you came to me.

This is the mistake the Roman Empire made. Speaking from the perspective of a business owner I need to borrow money, and nobody would lend money if I didn't pay interest. And I am happy to pay interest, it is only fair.

I only see natives and black people using them.

Maybe with that attitude. :^)

this. the reason loan sharking is illegal is because it would put these places out of business.

Actually, I have used these faggy loansharks for the same reason other people have talked about (boost credit rating).

The interest is calculated, just like it is with credit cards, based on daily amt financed. Most of them also have reduced rates if you pay within a certain period before it's due.

I have a real job so I was able to get like $800 just for dicking around with my credit rating, paid it back 7 days later so only paid like $8 in interest.

i get paid shit to work hard to pay rent and buy food, when all said and done, I'm down to nothing.
so I barrow to hold me off and the cycle continues.

>7 days latter
>10% interest per week
you do realize that people get loans for way less than 10% interest per year right?

Junkies use these places to pawn anything of worth to get money for drugs. I grew up with heroin addicted parents so was very familiar with the local pawn shops.

>you do realize that people get loans for way less than 10% interest per year right?

Not people with bad credit ratings.

Which city desu? Did they steal the stuff?

>so I barrow to hold me off and the cycle continues.

: (

London, Holloway Road.

Yes they did steal things. Also forever raiding my room and grabbing what little I owned to sell/pawn in cashconverters.

Heroin is evil. Pawn shops prey on the vulnerable.

you're right people with bad credit can get credit cards with interest rates that are almost 30% per year. thats still nothing compared to 10% a week.

desperate ones that dont use loan sharks

What don't you get about this?

I was forced into a short sale in the 2008 mortgage crisis. My house, which had inflated from $200,000 to $400,000 had crashed in value to almost $100,000. This left me in need for a new mortgage, and I still owed after the sale.

I needed to borrow money long-term at a higher rate than my immediately tanked credit rating would indicate I am a viable borrower for. So, I paid $8 a few times and saw my credit score jump by 40 points. Then I mostly used credit cards, high limit (~$6000), low usage %, for a month or two for almost every purchase and paid it down continously. Making above minimum payments and floating my daily credit usage around 10% shot it up another 80 points.

Those 120 FICA points made a world of difference on new mortgage.

Are you trying to tell me the APR from loan sharks isn't good for long term borrowing? No shit!

I only ever see natives go into those places.

>its retarded and immoral free money
HMMM, I wonder what group of people are stupid and unscrupulous enough to grab the nearest wad of cash without thinking of long term consequences.

I guess we'll never know

At least once a month someone approaches me to go into one of these places and cash their cheque in for them. This town needs some serious street sweeping.

These places are almost always ran by jews and there "customers" are black people with welfare money

y

I'm waiting for a foreign paycheck of 7000€ to be deposited into my account. I have a health insurance bill of 170€ due on the 15th but only have 130€ in my account. What should I do and is it realistic to go to a cash loan place without needing kneepads?

I cash my paychecks at these places, i owe the bank alot of money and if i deposit a cheque they will take all of it and i need money to eat and shit.

I never get payday loans, that shit it retarded and just impose a massive tax on already broke people which is pretty fucked up.

>This was a mistake The Roman Empire made.

300 for 20 bucks is a decent rate for no credit. It's only around 6.5 percent.

Voluntary exchange sure is immoral. What we need is a big guy to point a gun at anyone who thinks of starting a payday loan company.
And the interest rates are outrageous, but let's forget that the loans are supposed to be paid back in a week, and that there are serious reasons why someone may wish to acquire a small amount of money very quickly --once you forget about the customer's needs you'll become enraged by these payday loan companies. They're truly despicable.

Best place for currency conversion. Banks charge an arm and a leg for that """service"""

Well I hope you are doing well these days desu.

payday loans are only seen as evil/immoral by those that dont even use them.

stop projecting your protective liberal opinions onto people poorer than you.. they don't want your pity

freakonomics.com/podcast/payday-loans/

I was thinking that people owing child support payments use them to avoid garnishment.

>(buying a car for work for example)

Even in burgerland the average journey is 4 miles

Get a bicycle or walk

This

>cheque

Fucking brits

>4 miles

Not even, my work is more like 30 miles away

>$300

Judging by the poster, I'm assuming Canadian.

I wasnt aware they kept the retarded queen spelling.

Do they sau zed instead of zee also?

Yes. You're the weird one here.

How many Americans does it take to figure out they are looking at a picture of canada and not the uk?

2

>dollars
>brits

Don't post here again you blind fucking mouth-breathing cretin.