RangerRick9211 said:
Aggie09Derek said:
Loan guy while pretty despicable got screwed on the fine + that long of a jail sentence.
I'm watching this right now.
I'm pretty frustrated for the guy. Appeals to morality and accusing this guy of being responsible for people's situations.
People who sought these loans were already in bad situations. They needed help, he supplied the product. They agreed to the terms. If the terms are confusing, that's on you to either have someone clarify or don't sign them.
As for laundering through the reservation. Lol, the GC and EPC world is wrought with HUB companies in name only. Nothing illegal, yet. Just playing the game.
It seems that a lot of these people had never used a payday loan before, or didn't understand what a payday loan entails. If you don't pay it off in two weeks time (hence: payday), the loan is rolled over and you get hit with significant fees. These 'fees' are what create the 500% APR for these loans.
It is interesting to me that these people found his payday loan services online, but never bothered to do any research into the business they were getting a loan or how payday loans work. It is one more Google search!!
A few years ago, my then-GF's older daughter wanted to go shopping for a t-shirt at a local store. She was 17 at the time. Near the store in the strip center was a Cash Store. I decided to teach her how these businesses work, and went into the store. I pointed out the sign that showed the 500%+ APR and talked to the employees there, but I could see 17YO was bored and more interested in going next door to the shoe store. We go to the shoe store to 'browse', and she immediately falls in love with this pair of shoes she just has to have that costs $40. She begs me to buy them for her, and when I refuse, asks to borrow $40 from me. I refuse to loan her money, and we drive home. As we're driving home, I decided to give her a real world example. I said, "You want to borrow $40? Okay, but what if I loan you $40 on the condition that if you can't pay me back the $40 in two weeks, I'm going to charge you a fee of $1 on every $5 you borrowed from me? So if you can't pay me back my $40, you have to pay me $8 to roll it over for another two weeks. That comes out to $16 a month, so at the end of the year, you will have paid me $192, but you still owe me $40."
She said, "I pay $192, but still owe you the original $40?"
Me: "Yes."
Her: "But that's stupid!!"
Me: "That's payday lending."
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"Now you're suggesting uncleanliness during a viral outbreak? What other great ideas you got Typhoid Mary[?]"
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