Payday Loans

[Soundmanred]

What? I'm an accountant so I'm already familiar with the word usury, though I don't think you are. I love it when people use this word - it's an easy way to identify someone as a lawyer, a pretentious dickscarfe or a clueless idiot. Are you a lawyer?

Usury means interest of course. And that's the problem people have with Payday loans is the incredible interest rates they charge to idiots who can't manage money.

 

[Modelworks]

Are you prepared to hunt down people that do not pay up ? The reason they charge such high rates is there is a huge amount of fraud and non paying customers. You give them $300 for one week and they take the money and leave town. You are now out $300 without any means to recover it unless you are willing to hunt down where they went, who their friends are, calling cell phones, tracking them down. It can be a big time consumer.

 

[nick1985]

Are you prepared to hunt down people that do not pay up ? The reason they charge such high rates is there is a huge amount of fraud and non paying customers. You give them $300 for one week and they take the money and leave town. You are now out $300 without any means to recover it unless you are willing to hunt down where they went, who their friends are, calling cell phones, tracking them down. It can be a big time consumer.

Yeah I bet the default rate is insane on these loans

 

[Newbian]

What? I'm an accountant so I'm already familiar with the word usury, though I don't think you are. I love it when people use this word - it's an easy way to identify someone as a lawyer, a pretentious dickscarfe or a clueless idiot. Are you a lawyer?

 

[Mike Gayner]

Are you prepared to hunt down people that do not pay up ? The reason they charge such high rates is there is a huge amount of fraud and non paying customers. You give them $300 for one week and they take the money and leave town. You are now out $300 without any means to recover it unless you are willing to hunt down where they went, who their friends are, calling cell phones, tracking them down. It can be a big time consumer.

This is the common perception, but the research shows the rate of default is roughly the same as a credit card. Also, NZ is a small country and it's therefore much easier to track people down. I'm not saying you wouldn't lose any loans in this business - but you also have to accept a certain amount of bad debt as the cost of doing business.

 

[Red Squirrel]

lol

 

[TruePaige]

After this thread, this.

 

[JS80]

What? I'm an accountant so I'm already familiar with the word usury, though I don't think you are. I love it when people use this word - it's an easy way to identify someone as a lawyer, a pretentious dickscarfe or a clueless idiot. Are you a lawyer?

Better than a hypocritical fuckface.

 

[The Stig]

BRB flying to NZ to rob this guy with a butter knife, we don't need no stinkin security!

 

[CanOWorms]

You people are clueless. New Zealand society developed under a monarchy. Businesses such as payday loans are not viewed as scummy. It's more viewed as a mechanism to elevate yourself to a sort of Lordship. Lording over the lowly peasants, extracting exorbitant amounts of money is the New Zealand Dream. His development as quasi-Baron generates more revenue for Her Highness and so it's tolerated.