Pay Day Loan Operations

[Doc]

What's with these operations. Frikken "loan sharks"! Talking to a chap yesterday who has used them. Interest (they call it a brokerage fee) is 25% over 2 weeks! That's 12.5 "points" per week. Tony Soprano only charges 2 "points" per week. Of course, his "collection" methods would be a little harsh!
Maximum interest rate that a lending "institution" can charge in Canada is 60% APR.
If I was to call myself "Ice Pick" and conduct business from the front seat of my GMC, and charge 2 "points" per week, I'd have my ass tossed in the local slammer! And, 2 "points" a week would be a real bargain!
How do these scumbags get away with this legalized theft?
It would appear TC hasn't got the "crooked regulator" market all to themselves.
I guess some of you could have your MEIFR financed through these guys. I wouldn't recommend it however.
End of tonight's rant.

[mcrit]

If Doc is Ice Pick then who gets to be Magnum?

[Hedley]

For some reason, whenever I am reminded of
Tom Selleck, I think of:

http://www.ictshirts.com/t-shirt/70/sup ... e-ride.htm

[BoostedNihilist]

@#$!, as long as Im not Mr. Pink everything is ok

[Doc]

Phuque! I didn't know you guys were that OLD!!!

[Elliot Moose]

In all seriousness though, Doc is absofuckinglutely right on this one. We have usury laws in this country and in the great satan to the south, yet both countries seem to allow this. It is generally a system that bases its whole existence on the poor and uneducated and victimizes them. We educated folk (at least educated enough to count to V2) laugh at the idea of 25% per week and walk away. These folks seem to think it's legitimate.

We'd do much better to allow the banks, etc to operate some sort of a system and cap it all at something higher than they are allowed now, but waaaayyyyy less than the payday loan folk.

[mcrit]

You are very right EM. The whole system is designed to let the desperate (or the really stupid) sell themselves into serfdom.

[Expat]

Come to this side of the world, Islamic banks charge no interest, and give none. Here in Af, they give TVs and DVD players...

[niss]

Are you allowed to spend the money you saved on beer and whores?

[Expat]

Are you allowed to spend the money you saved on beer and whores?

Hey niss, not working at this time???

Yeah, we make money because we ain't spending none...

[niss]

Are you allowed to spend the money you saved on beer and whores?

Hey niss, not working at this time???

Yeah, we make money because we ain't spending none...

Coffee break, or on your side of the world tea/opium break.

[Expat]

Are you allowed to spend the money you saved on beer and whores?

Hey niss, not working at this time???

Yeah, we make money because we ain't spending none...

Coffee break, or on your side of the world tea/opium break.

Kebab and Turkmen vodka!!

[D5GRVTY]

Just to play devils advocate........

How far do you want to go to save people from themselves?

And where do you draw the line of what interest rate is unreasonable? Are credit card companies any better? Banks are okay?

Perhaps people who aren't smart enough/want to "sell themselves into serfdom", should be allowed to.......

Caveat emptor

[mcrit]

Perhaps people who aren't smart enough/want to "sell themselves into serfdom", should be allowed to.......

...maybe they should.....

[Doc]

Just to play devils advocate........

How far do you want to go to save people from themselves?

And where do you draw the line of what interest rate is unreasonable? Are credit card companies any better? Banks are okay?

Perhaps people who aren't smart enough/want to "sell themselves into serfdom", should be allowed to.......

Caveat emptor

My point is, the max interest rate (APR) that any institution in Canada is legally allowed to charge, is 60%.
For some reason, these maggots are allowed to charge 12.5% per WEEK! That's an APR of 650%.
That's a rate that would make loan sharks quake in their boots!
It would end up with jail terms for you and I.
Yet, our legal system turns a blind eye, while these institutions milk the segment of society that can least afford it.
I don't get it.

[D5GRVTY]

So are you upset that banks aren't subject to the same regualtion? Would you feel better if the limits on banks where removed, and any institution could charge whatever intrest rates they see fit?

If someone is willing to take out a loan for 200% interest, why do you wanna stop em?