gimme that trophy

[Sun Devil]

Reddam is a great guy and was only trying to help these poor folks who needed money. I read in the paper that Reddam donated half of the 47% interest he charged these poor borrowers to his Church and donated the other half to children in need. Basically he didn't make a penny off these high interest loans. His wealth was accumulated through hard work and wise investments.

His greed, narcissism and manipulation is all one big misunderstanding. Reddam is a good person who is just helping out those in need, imho.

Vince P

So I guess Reddam shouldn't offer the loans and then the people could just s<img src="/images/chat/ing.jpg"> down to their local bank and get a signature loan at prime +1.

Clearly in your mind the 47% is too much. Point me to the lenders that are offering the same kind of loans for 30% or 35%. Surely a person could get rich giving these borrowers the square deal that they deserve. What an opportunity.

I see both sides of this coin. When these loans are processed, I would assume that the borrower is made well aware what the interest rate is i.e. we loan you $1,000, you repay us $3,000 (I don't know the actual interest rate on these loans.). If the borrower is informed of the terms and agrees to these conditions, I have no problem. If the borrower is not explicitly made aware of what their obligations are for repayment, I would have a problem.

[Crazykid]

the interest rates on thse loans is in excess of 500%, which is against the law in every state in the united states

[Andyc]

the interest rates on thse loans is in excess of 500%, which is against the law in every state in the united states

Nonsense.

[Crazykid]

then wehy does every one of these places have a sign hanging on the wall saying so?

[Joel]

On TV, in the small print, it says 99% Interest Rate.

I guess usury laws don't apply for anything under 100%..

[Andyc]

then wehy does every one of these places have a sign hanging on the wall saying so?

Saying what?

[Andyc]

On TV, in the small print, it says 99% Interest Rate.

I guess usury laws don't apply for anything under 100%..

http://www.nvlawllp.com/publications/CAUsuryLaws.pdf

[Joel]

On TV, in the small print, it says 99% Interest Rate.

I guess usury laws don't apply for anything under 100%..

http://www.nvlawllp.com/publications/CAUsuryLaws.pdf

Cliffs' notes, please..

[Hollywoodmike]

You can sugar coat any way you want, it's still loansharking to me. Just my opinion.

[Crazykid]

then wehy does every one of these places have a sign hanging on the wall saying so?

Saying what?

saying that the interest rate they charge is against the law and that they cant do anything to you at all if you bounce a check with them.
the term they use is non-collectable debt. the sign also goes on to say that the interest rate annuallly is (if i recall) 485 %. it goes on to say if you do bounce a check with them or write them a check on a closed account
or cancel the check that it will go on your credit report