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Message
re: Do people actually take out Payday Loans?
Posted on 8/5/16 at 5:29 pm to TigersHuskers
Posted on 8/5/16 at 5:29 pm to TigersHuskers
Yes and they are in the black like you on a regular basis
1
Posted on 8/5/16 at 10:40 pm to thickandthin
A guy I know who delivers pizzas has been in a rut with one of these places for a while. He borrowed $350, and then has to pay back $405 in two weeks. Well he would pay it off and then borrow again. The other day he tells me, that all he needs is $55 to "roll" the loan over two more weeks. He "pays" the loan after 5pm but before 7pm. So the bank is closed. The loan company puts in a request to the bank for $405, the bank has $55 in it (just example). As soon as he "pays off" the loan, he gets another loan. That is deposited the next morning and with the $55 pays off the loan until two weeks later and he repeats the process. I was shocked by how dumb this was.
Posted on 8/6/16 at 1:06 am to Napoleon
It basically boils down to they can't come up with the 350 when he needs/wants it and his/her situation doesn't change in two weeks because they are already living paycheck to paycheck so it's easier to come up with $55 than $405. That's how these places make their money.
I would hate to run one because I hate to ask people for money they owe me. If I loan someone $100 or less and they don't pay me when they say I just write it and them off. I just look at it as paying to see what kind of person they are and if they're not a man of their word, then I found out relatively cheap plus they won't bug me anymore. So I basically paid them $100 or less to leave me alone.
Over the years, I've found out what kind of character a lot of people have, or lack as the case may be, and been rid of them for $100 or less.
Money well spent.
Which even if they can't repay when they say as long as they are honest and dont avoid me and stay in touch until they can, that's ok too. I've been through lean times and it can happen to most anyone, anytime.
I would hate to run one because I hate to ask people for money they owe me. If I loan someone $100 or less and they don't pay me when they say I just write it and them off. I just look at it as paying to see what kind of person they are and if they're not a man of their word, then I found out relatively cheap plus they won't bug me anymore. So I basically paid them $100 or less to leave me alone.
Over the years, I've found out what kind of character a lot of people have, or lack as the case may be, and been rid of them for $100 or less.
Money well spent.
Which even if they can't repay when they say as long as they are honest and dont avoid me and stay in touch until they can, that's ok too. I've been through lean times and it can happen to most anyone, anytime.
Posted on 8/6/16 at 1:29 am to Titus Pullo
quote:
If I loan someone $100 or less and they don't pay me when they say I just write it and them off. I just look at it as paying to see what kind of person they are and if they're not a man of their word, then I found out relatively cheap plus they won't bug me anymore. So I basically paid them $100 or less to leave me alone.
Over the years, I've found out what kind of character a lot of people have, or lack as the case may be, and been rid of them for $100 or less.
You learned that lesson well, Calogero.
Posted on 8/6/16 at 1:31 am to Spock's Eyebrow
Actually learned it on my own before I ever saw the movie. Doesn't make it any less true.
Posted on 8/6/16 at 1:47 am to Titus Pullo
quote:
Actually learned it on my own before I ever saw the movie. Doesn't make it any less true.
I thought it was a very interesting idea. It had never occurred to me.
Posted on 8/6/16 at 2:00 am to Spock's Eyebrow
Oh I agree. I just had to learn it the hard way before seeing it on the movie. After that I felt a little better about it though. 
Plus if you assign some type of value or learn a lesson from the money and look at it that way you don't feel like you lost anything...or at least not as much.
Plus if you assign some type of value or learn a lesson from the money and look at it that way you don't feel like you lost anything...or at least not as much.
This post was edited on 8/6/16 at 2:03 am
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