Posted on 10/31/2011 1:17:48 PM PDT by jazusamo
I know for a FACT that these loan companies allow partial paydowns, and your continuing assertion that they don’t is a falsehood.
Yes, you’ve said false things, and if your continuance in that vain shows willful ignorance.
And I know fort a FACT that they don’t. At least not in AZ and many other states. Those are the FACTS, and no amount of condescending BS on your part will change it.
Each loan that is paid back as agreed is profigable. All the ones that are not paid back must add to the cost of the rest of the loans. Even the guy who breaks knees as a collecter for the old fashioned street loans is an expense. A lot of those payday loans are not paid back because there are no physical debt collectors with truncheons and saps working for the lenders. At that level there are a lot of deadbeats.I have never had recourse to payday loans and don’t think well of those that do. However, it is a legitimate business. With lower, regulated rates of interest, the business could not be done unless you agree with the OWS folks that all business should be done as exercises in altruism.
It CAN be a legitimate business, but the way it’s run it often isn’t. All they need to do to be legit is allow at least a little of the rollover to reduce the principal so the folks that are real hard luck at least have a path out of debt. That’s the thing that makes them crooks, worse than crooks, crooks reduce the principal when the vig is paid, these guys are less honest than mobsters. Think about it.
Except for Tennessee....... I think
In Tennessee we have a treble damages law that says if you write a bad check and don’t make good, the payee can sue for treble damages.
When he check is cashed on payday, if the account is dry, the writer of the check can be in bad shape.
I know of no such incident but am pretty sure the treble damages can be made to apply
In Ireland, there's the "Gombeen Man."
You need a pair of shoes today for your brother's funeral? But you have no cash? No problem. I pair used shoes in your size, 3 punt 50 at St. Vincent de Paul, yours for 10. Pay me next week.
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