Andyc wrote:Vince P wrote: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.
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.