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re: Do people actually take out Payday Loans?
Posted on 8/4/16 at 10:18 pm to dabigfella
Posted on 8/4/16 at 10:18 pm to dabigfella
I guess that is why they are poor.
0
Posted on 8/4/16 at 10:19 pm to dabigfella
quote:
any business you can get into involving poor people you will thrive. I own a ton of cheap housing here in houston ie sub $60,000 homes and they rent for $900-1200. Some of these 1700 sq ft 3 br townhomes get 1200/month on $50k buy ins. The cap rates in the world of poor people are just staggering. I've learned this and I've invested more and more over the years catering to them.
thanks for the career advice.
Posted on 8/4/16 at 10:22 pm to TigersHuskers
Those places and personal finance companies are the worst. You can go into a republic finance (based in Hammond, I believe) and list all of your personal possessions as collateral for a loan. Republic then files a UCC perfecting the security interest. Then people who don't pay start bitching when their 75" tv bought on a credit card gets took from their trailer by republic finance. Never ending cycle
This post was edited on 8/4/16 at 10:24 pm
Posted on 8/4/16 at 10:24 pm to TigersHuskers
No. All those loan places lose their arse every month on rent and electricity. Someday they're hoping just to break even.
Remember, the "N" on the helmet means "knowledge".
Remember, the "N" on the helmet means "knowledge".
Posted on 8/4/16 at 10:24 pm to TigersHuskers
For those which that is the best they are able to do ....yes. Thought about opening one of those up myself once I retire. Damned good profit margin.
Posted on 8/4/16 at 10:25 pm to Royal
I have to hit up the payday loan place so I can make the payment on my car title loan
Posted on 8/4/16 at 10:28 pm to TigersHuskers
quote:
do people really use these and their 4000% interest rates?
I know some folks who own these type of businesses and I can assure you they do very well...
in fact, you would be shocked how much business they do...the dollars that go through those places and the returns that they bring in are honestly staggering.
Posted on 8/4/16 at 10:29 pm to TigersHuskers
I hear the racket is that they are experts at signing people up for gov handouts and front them the money. Like they will let homeless people use their address and the homeless come and get the checks always 1 month in advance at $40.
I guess that could work from all handouts...."you want $800 now or $830 in a month...When they take the $800 now and spend it...they are always on the hook for the $30/month penalty. because they can't pay off what they already spent
I guess that could work from all handouts...."you want $800 now or $830 in a month...When they take the $800 now and spend it...they are always on the hook for the $30/month penalty. because they can't pay off what they already spent
Posted on 8/4/16 at 11:14 pm to dabigfella
You make a lot of money on poor people. Congrats on being a frickwad
Posted on 8/4/16 at 11:21 pm to TigersHuskers
People in the hood mostly take on those bullshite loans. They really don't know any better.
Posted on 8/4/16 at 11:24 pm to Breauxsif
quote:
People in the hood mostly take on those bullshite loans. They really don't know any better.
I guess to play devil's (literally) advocate, it's not like they could get a loan anywhere else. The juice has to be worth the squeeze to take the risk of loaning them money.
Posted on 8/4/16 at 11:30 pm to TigersHuskers
Drove through Pleasant Grove in Dallas the other night (rough part of town, once the white part of town until integration) and noticed that the payday loan places were open way past midnight on a Friday night. There were plenty of people there.
Democrats hoping to shut these places down are hurting their own constituents.
By the way, you need to venture out of Whitey McWhiteville every once in awhile.
Democrats hoping to shut these places down are hurting their own constituents.
By the way, you need to venture out of Whitey McWhiteville every once in awhile.
Posted on 8/4/16 at 11:35 pm to texashorn
The rent to own places rake it in too. They will pay double for furniture, electronics, etc.
Posted on 8/4/16 at 11:36 pm to dabigfella
My uncle would do something similar. Owned a used car lot. Would buy $800-$1000 cars at the auction. Sell them for $3Gs, and require a $800-$1000 down payment. Financed them himself. He said they would always stop paying, and he would just repo them. Would sell the same car 3-4 times and triple his investment. Was like printing money.
This post was edited on 8/4/16 at 11:37 pm
Posted on 8/4/16 at 11:37 pm to TigersHuskers
I've taken one out before... Have also leveraged my car in the process to try and borrow as much money as possible in the transaction
Posted on 8/4/16 at 11:41 pm to Breauxsif
Do the thug drug dealers not make street loans? Amateurs...
Posted on 8/4/16 at 11:56 pm to SuperSaint
How was the smack?
Posted on 8/5/16 at 12:14 am to CaptSpaulding
You can have a 300 or lower credit score and still qualify 
Those places know damn well the people that they're dealing with will default.
Those places know damn well the people that they're dealing with will default.
Posted on 8/5/16 at 12:17 am to TigersHuskers
I dated a bartender when I was younger that would all the time. They live paycheck to paycheck, have horrible credit, loads of debt, and when something doesn't go as planned (need new tires, maintenance on car, whatever) that's their answer. Just got to make it to the next paycheck.
Posted on 8/5/16 at 12:46 am to toddzilla
quote:
The rent to own places rake it in too. They will pay double for furniture, electronics, etc.
Have a relative in the rent to own business, they do very well, but the insane rental terms do not really reflect the actual net proit. Basically 30% of the customers quit paying after the first month of a rental, another 30 percent quit paying after 3 months, the rest that pay for the entire term of the rental pay insane prices to cover the loses from the other 60%. They try to repo the stuff but are lucky to recover half of it, they usually have 2 or 3 people out doing repo or chasing payments on a full time basis. Not unusualy to sell a big flat screen get the first payment upfront and have them disappear with the TV. Most of the customers have no legal ID,or will not produce it, they will use a water or cable bill to prove where they "may" live. They are high risk customers that can't fiancé furniture and appliances anywhere else and pay a premium for someone to take the risk.
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