Short term loans IS a good business
 

We had to borrow $370 from them for some more tests for my woman... in two weeks they got $425 back

Then we had to borrow $230 from another place to help cover that and they're getting $270 back

What's more.... I actually appreciate the help even though I know they're raping us. They got us through a tough time. I don't know of any other business that's more profitable dollar for dollar spent. What would it be, jewelry maybe?

High risk small loan come with a premium !:2 cents:

Well, right, yes. A HUGE premium.

A well-run pawnshop will make tons but you need to have a ton available to loan out and the banks will not loan you money to do this unless the loan would be secured by about 200-300% collateral. Now there are other things in this field that you can do but you're still going to have to have a bunch of startup money.

Hit me up some time and we can chat about it if you have a sincere interest in pursuing the possibility as I have more than a bit of experience in the field.

Interests are evil ...

You make me scared to death. I'm scared of people in Kansas. But thank you for the offer :) Pawnbrokers do make a fortune.. and the best part is that they do have something to back the loans up against... But here in KS pawnbrokers only get 120% .. and I think it's lower in other states.

I can't argue that it's a great business. A great business. Someone who use to be considered to be a friend of mine has one and it's just an amazing cash cow.... ridiculous money. Especially because you can have someone carrying a loan for just about a forever - some clowns leave things in for years at a time!!!

You are also very correct that you have to have A LOT of money to put out onto the street.. but look how quickly it pays for itself.. if your money is almost or sometimes more than doubling itself every year, shit, wow :)

Here in Kansas athe maximum rate is indeed 120% per year but becase of repeat loans to the same customers and some other strange shit, the EFFECTIVE interest rate for most shops approaches 160%, which is kind of nice, plus you have to consider resale of forfeited items...........................................

Not to mention buying gold, silver, platinum and palladium at around 40-50% of scrap value and there are "ways" to *lower* your gross and taxable income without raising too many eyebrows.

Nice $ but you do have to know what you are doing.

Holy christ I had no idea they were buying metals at half of scrap!!!! That is incredible!!!
What is the strange shit? Some kind of added fees? 4 week (28 day) instead of full month terms? What?

SallyRand took over a Pawn Shop and it went broke, didn't it Marion ?

Where was it, 6th Street ? AAA Pawn ?

please stop pretending you have 'A Woman'...

What is wrong with having a woman.. :1orglaugh

still beats pretending to be a woman imho

great business if you don't mind dealing with criminals, drug addicts and lowlifes plus getting robbed at gunpoint now and then.

Why did you switch places?

If you borrowed $370 and paid back $425, you paid 14.86% interest on your loan. When you borrowed $230 and paid back $270, you paid 17.39% on that loan. You should have stayed with the first one, it was cheaper.

That's where the term robbing Peter to pay Paul originates.

Its a vicious cycle. Borrow from one person to pay the debt to another.

Is there anything that you're are not a expert of?

Sounds like you'll do or say anything to make a dime.

That is typically a sign of desperation.

If you are so good at everything, do it yourself. You should have millions saved up with all of your expertise and supposed demonstrated experience.

I know a legal business that has a lot higher payouts then you are talking ($500-1000/hr sometimes) I'm not sure i'm going to spill the beans to just anyone tho.

Only prime loans, which are not the majority of applicants.

That sounds interesting
Tell me about it mmni99inc at yahoo.com

In this state you can can't legally make two of these loans to one person simultaneously.. So that wasn't an option. (we needed the second loan to cover part of the first) The only thing I may have been able to do was carry the loan for another two weeks, but I wanted this one to be as small as possible.. and I think they can only do one per month for someone, legally, too..

That's funny because that is exactly what I called it when we were on our way to the loan store.. LoL... It is robbing peter to pay paul, but, at least the amount got smaller. I'm not going to be one of those clowns who ends up paying payday loans off with other payday loans on an ongoing basis. I do try to plan ahead as much as I can. I knew this loan had to be small as possible because it's due at the same time the rent is. See.

No judgment. I did a pay day loan about 8 years ago. One time thing. It was something important like the medical stuff for your lady friend.

Most people here don't have a 'pay day' cause they aint have no regular job, what do you do then?

"pay day loans" are huge now. basically suckering people out of money due to being desperate.

around xmas two years ago a friend wanted me to get into a loan deal with him, he would lend out up to $1,000 to people and then charge them some super high interest rate plus fees and everything else. essentially if you borrowed $1,000 you had to repay almost $1800.

he got stiff by a few people, took them to court and a few of the cases the judge wouldnt allow the fees and interest he tacked on and set the max interest to 29.95% APY :1orglaugh