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It is disappointing to see this site go to waste, including title loan lending businesses. I wonder how quickly this business will last.
I am tired of these predatory establishments preying upon desperate people. You are perpetually indebted due to extreme high interest charges and shady business practices. They should be outlawed. Nothing but a scam.
I am tired of these predatory establishments preying upon desperate people. You are perpetually indebted due to extreme high interest charges and shady business practices. They should be outlawed. Nothing but a scam.
A quick observation I notice in regards to the locations of title loan stores, they are in former quick lube stores, full service auto centers and double drive through fast food locations. Even when they are open, there are not many cars out front. One wonders if they are doing any business.
I am tired of these predatory establishments preying upon desperate people. You are perpetually indebted due to extreme high interest charges and shady business practices. They should be outlawed. Nothing but a scam.
I disagree. If people are stupid enough to go to these loan stores I say more power to the company.
I disagree. If people are stupid enough to go to these loan stores I say more power to the company.
Victims don't read the fine print; they just want the money. After they're into the repayment, they finally notice the APR. These stores should be allowed to operate, but they need to post their highest APR in big letters on the store front.
Victims don't read the fine print; they just want the money. After they're into the repayment, they finally notice the APR. These stores should be allowed to operate, but they need to post their highest APR in big letters on the store front.
Doesn't help if people don't understand APR, or even just basic math.
I was half watching ESPN a few months back and an ad appeared for, I think the company was "Western Sky".. Talking about loaning up to $10k.. I thought I misread the screen when it showed an APR of something like 80%
There are some companies out there that do this.. Apparently operate on Indian reservations to skirt lending laws.. Look at this page.. https://www.clearcreeklending.com/rates
A 420% APR for a $2k loan over 1 year.. Where they are playing with the numbers, in my opinion, is that a 1 year loan has 26 payments. $313/payment times 26 payments.. You'd be paying back $8138 for borrowing $2k. Numbers presented like that are a whole lot different than they are presented on that clear creek landing site.
And, I suppose there's the contingent that just has no other option than these high interest rate loans.. Though I think it's tough for most people to see how you'd get in that situation.
I am tired of these predatory establishments preying upon desperate people. You are perpetually indebted due to extreme high interest charges and shady business practices. They should be outlawed. Nothing but a scam.
If you outlaw title and payday lenders, someone will figure out a way to skirt around the law. NC outlawed payday loans and the pawn stores quickly jumped into the void with car title loans that charge similar rates but are technically legal.
We already have thousands of pages of federal, state, and local laws that are difficult for honest businesses to navigate.
If you outlaw title and payday lenders, someone will figure out a way to skirt around the law. NC outlawed payday loans and the pawn stores quickly jumped into the void with car title loans that charge similar rates but are technically legal.
We already have thousands of pages of federal, state, and local laws that are difficult for honest businesses to navigate.
FL solved this by not going so far as to outlaw them, but just placing reasonable APR limits on the industry (I think they categorized them similar to pawn shops).
Once they could only charge 30% APR (with lower percentages on on larger loans) 90% of the title and payday loan places went away.
FL solved this by not going so far as to outlaw them, but just placing reasonable APR limits on the industry (I think they categorized them similar to pawn shops).
Once they could only charge 30% APR (with lower percentages on on larger loans) 90% of the title and payday loan places went away.
They've already got a rule like that in SC, applying to a 'small loan' cutoff of $600. So they just talk potential victims into loans of $601.
SIAP..... I just noticed a Migs Pizza opening in Eastgate Plaza on Old Spartanburg Rd.
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