Today's Mafia

[gymtime]

If I were going into business for myself, I'd open up one of those payday loan places. 15% every two weeks is not only totally legal, but quite common. That's $150 on a $500 loan for a month.

Ah...nothing like raping the poor.

 

[flex123]

Yup...Thats taking the Most advantage of the most in need.

 

[TXM4DM4N]

 

[OMGWTFBBQ]

Yeah, the issue would be spending all of your time trying to get your money.

If someone has no money, aside from what you just let them borrow, then there isn't a lot that you can do to them to get that money.

Breaking their legs isn't going to make that money magically appear, and killing them will solve nothing.

Taking them to court will cost you money and again, not result in money (not having money on their part will not be resolved by going to court and being ordered to pay money that they don't have).

At least with a pawn shop you get crap that you can resell - but those get hit a lot in robberies by people that need money and/or just want their shit back.

 

[Lao Tzu]

wouldnt those rates violate usury laws? that sounds nuts, a 390% APR.

 

[Tarheel]

Pawn shops in NC get like 30 or 33% interest. I think thats just on the principle but I'm not sure, and you have 3 months to get your shit back or it goes on the shelf. Plus they dont give you shit for what its worth.

You pawn something that was $200 new, and you probably get 75 or so for it. Then if you dont pay, they put it on the shelf for 150-175.

Or, you get a 75 dollar loan and you pay them 97.5/124.5/149.75 if you wait 30/60/90 days to get your shit back.

I think thats all correct. I only know cause I like to go pawnshopping, I've never pawned anything. Guitars, watches, guns, amplifiers, tools. Most of its junk, some of it is good but overpriced, and occasionally you still find a gem (I know a guy that just got a 1942 vintage CF Martin guitar at one), and I bought a never worn Wenger watch in the box at one for less than $50.

 

[sinjinsmythe33]

sharks charge anywhere from 30 to 60 percent, but you can pay the juice weekly. borrow 500 and pay them back at 150 to 200 per week for four weeks. they arent always the best with numbers though.

 

[Fragadelic]

Fugedaboudit

 

[HumorMe]

Pawn shops in NC get like 30 or 33% interest. I think thats just on the principle but I'm not sure, and you have 3 months to get your shit back or it goes on the shelf. Plus they dont give you shit for what its worth.

You pawn something that was $200 new, and you probably get 75 or so for it. Then if you dont pay, they put it on the shelf for 150-175.

Or, you get a 75 dollar loan and you pay them 97.5/124.5/149.75 if you wait 30/60/90 days to get your shit back.

I think thats all correct. I only know cause I like to go pawnshopping, I've never pawned anything. Guitars, watches, guns, amplifiers, tools. Most of its junk, some of it is good but overpriced, and occasionally you still find a gem (I know a guy that just got a 1942 vintage CF Martin guitar at one), and I bought a never worn Wenger watch in the box at one for less than $50.

I like visiting pawn shops too. A lot of stuff there is cheap and sometimes you run into a good deal. Power tools are what I mostly look for although sometimes you can find other good things.