golfmann
2007-09-23 16:35:08
I worked in a pay day loan place for awhile…
Contrary to what you wrote, most people do NOT pay the loans back, by a long shot!
We even had people hit 3 or 4 places to pay the attorney to file bankruptcy!
Nothing that looks this easy to make money is, as a rule. When you think about it you might agree.
I DO think that it is a great way to LAUNDER money for the mob/drug guys…
Fake bad loans to your straw names and poof! It’s in the system, free and clear!
Over 80% defaults! You make $60 off two and LOSE $1200 on the others!
Maybe in some bigger cities it’s better, but it can’t be by much.
Oh and you can’t collect on bad checks cause they’re post dated, making them a loan notes.
Try hiring a lawyer to sue for $200.00 and see how THAT works out.
