loan sharking

[fredmeister]

I don't make ends meet anymore as a loan shark because of the usery laws in the US.
Gonna start my own banking and credit card business where I can charge over 10% interest legally.
Plus with the gov't buy out money I can use to give myself big bonuses and retirement savings.

[porsche4life]

.22 in the back of the head.





Seriously for those guys...

[onlycafe]

Originally Posted by porsche4life

.22 in the back of the head....

also known as "two in the hat."

[911Rob]

Here (Can) we can charge an annual rate of up to 76% interest.
I charge about 40% when you add in the admin costs, fees and discounts.
It's usually all very short term though..... 60 to 90 days.

[Rick Lee]

There should be no cap on interest rates. Why should the gov't. be able to set prices on anything?

[Porsche-O-Phile]

Agree with ya Rick - if someone's stupid enough to pay 40% (or 76% or 200%) that's their problem - and arguably the lender's when the person can't/won't pay it back of course...

The only exception should be federally-guaranteed loans. In those cases, the gov't probably should have some input on rates so that the taxpayer is less likely to get stuck with the bill when the borrower says "forget it - I can't pay you back". But other than that I agree with you.

Hell, even 10% is ridiculous. Interest is for suckers.

[on2wheels52]

"Listen buddy, what Alan Greenspan says about intrest rates don't cut no ice with me, you want the loan at 180% or not?"

Jim

[Tishabet]

Usury on personal loans is set at the state level.
CA is 10%
MA is 20%
NV has no limit
Clearly you just need to move your sharking to another state
Check out this tool if you want to see the usury statutes in your state.

[fredmeister]

I think that I want to follow Capitalism to the extreme. Make money at all cost and if I steal from investors and don't pay the money back or charge excessive interest and fees on borrowers when they are late with payments or some other scheme.....hell survival of the fittest. Why have any rules in society you know what I mean?
Yeah interest is for suckers, I want to not pay the bank my loan and still keep my house. It isn't like the bank is gonna do anything like take my home away or break my legs if I don't pay.
Hell I just happened to have the money to buy my house outright like everyone else in the US, don't know why I decided to take out a high interest loan.

[Rick Lee]

Originally Posted by fredmeister

I think that I want to follow Capitalism to the extreme. Make money at all cost and if I steal from investors and don't pay the money back or charge excessive interest and fees on borrowers when they are late with payments or some other scheme.....hell survival of the fittest. Why have any rules in society you know what I mean?
Lets put all the Americans out of work so that we can use Chinese labor and if they work 12 hour days and get killed or poisoned on the job because of lack of environmental regulations more money for the company owner in the US.

If that's your definition of capitalism, no wonder you hate it. Fortunately, stealing is still illegal and I never knew it was part of capitalism. BTW, China is FAR more capitalist than the U.S.

[fredmeister]

Originally Posted by Rick Lee

If that's your definition of capitalism, no wonder you hate it. Fortunately, stealing is still illegal and I never knew it was part of capitalism. BTW, China is FAR more capitalist than the U.S.

Lets here more about your ideas on Capitalism. Enlighten us.
If stealing was not illegal then why is Maddoff not in Rikers Island instead of house arrest in his condo in NY?
I wonder where I would be if I stole 50billion dollars.
So when did China stop becoming a Communist state?

[Rick Lee]

Originally Posted by fredmeister

Lets here more about your ideas on Capitalism. Enlighten us.
If stealing was not illegal then why is Maddoff not in Rikers Island instead of house arrest in his condo in NY?
I wonder where I would be if I stole 50billion dollars.
So when did China stop becoming a Communist state?

I see we have a new lefty troll here in PPOT. I have no idea why Madoff is where is, but he hasn't been convicted of anything and my guess is he will spend the rest of his life in prison once he is convicted. Either way, his case doesn't exaclty bolster your argument for gov't. price controls on borrowing money.

If I have to explain how China is more capitalist than the U.S. to you, then you really belong on Craigslist R&R and not here.

[Christien]

Originally Posted by Rick Lee

There should be no cap on interest rates. Why should the gov't. be able to set prices on anything?

Because consumers need to be protected from big bad corporations Consumer protection law in Ontario is unreal. You can get away with murder if you know how. It's got to the point where I think we need a business protection law.

Rob, I believe interest laws in Canada are provincial, are they not? I remember researching it several years ago, and discovered that we're capped at 50%, and that includes things like finance charges and penalty charges (eg. late fees, NSF charges).

[Rick Lee]

Originally Posted by Christien

Because consumers need to be protected from big bad corporations

You're right! No one should be allowed to do anything for themselves that might end badly. Gov't. needs to save everyone from themselves. After all, they always have our best interests at heart.

[Christien]

Well, I do believe that those who draw up the consumer protection legislation do genuinely have the average joe's best interests at heart. And, at least here, the legislation stems from years of truly abusive payday loan companies who really went too far with things like hidden fees, squeezing every last dime possible. The problem is that they don't consider the other sides of the equation. 1. tying business's hands behind their back, 2. a bigger and admittedly more nebulous issue, the concept of people thinking for themselves.

How many times have you actually read the end user license agreement for a piece of software, for example? It's 4 pages of BS, just to install some dinky picture viewer or mp3 app, or whatever. I would support legislation that said consumer contracts must be limited to xxx # of words, all fees disclosed in point form manner, clear, no supplementary addendums, etc. and then the consumer sinks or swims by it, no 2 ways about it.

[911Rob]

Hey Christien, I was going by memory and yeah, that would've been a BC figure?

I modelled my business after an existing one and I only lend to local RE's based on firm sales deals; small potatoes stuff, pays my girls living expenses though.

I'm pretty sure we're 76% here in BC, but if important I can check that figure for you?

FWIW, I believe in something called "Compasionate Capitalism"..... read the book.
Capitalism doesn't work when the gubmint interferes with it, no if, ands or buts!

[Christien]

Originally Posted by 911Rob

but if important I can check that figure for you?

No, not important at all, but thanks!

FWIW, I believe in something called "Compasionate Capitalism"..... read the book.

Never heard of it - I'll check it out.

[Buckterrier]

Originally Posted by Rick Lee

I see we have a new lefty troll here in PPOT.

Real nice.

[the]

Originally Posted by fredmeister

I think that I want to follow Capitalism to the extreme. Make money at all cost and if I steal from investors and don't pay the money back or charge excessive interest and fees on borrowers when they are late with payments or some other scheme.....hell survival of the fittest.

That's not capitalism to the extreme.

[bell]

someone my wifey knows of just recieved a $15000 bonus, this person is in the banking industry.....