OT-Banks

They're marketed under a different name, but a handful of major banks already let customers borrow against their paychecks for a fee. And there are signs the option may soon become more widely available.

Specifically: Fees that amount to triple-digit interest rates, short repayment periods and the potential to ensnare customers in a cycle of debt.

With a traditional payday loan, for example, a customer might pay $16 to borrow $100. If the loan is due in two weeks, that translates into an annual interest rate of 417 percent.

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I thought loan sharking was illegal.

Best Regards

Tom.

Reply to
azotic
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That is almost as disturbing as letting gambling spread out. What's next? Free syringes at all gas stations... I've personally have seen people blow both pay checks on gambling and then frequent pawn and loan places. Bet someday soon they'll drop the indigenous requirement for casinos.

I'm getting to the point of being more on edge when entering a bank, than the employees and security people are. Like when I moved Butt of Ass assured me that they have banks up here, even after I asked them to double check for me, nothing, closest after an lengthy search was Chicago. Took awhile to straighten everything out and on top of it the other bank made things almost as bad. Even today I've spent over an hour trying to straighten out my accounts on each trip. One time I almost asked the banker to get out of their chair and let me take over the computer cause they don't know jack. One time they put $3,000 in my kid's savings account.

Guess the banks have out lobbied (booze, hookers, & $) the (not our) lawmakers, now the daily loan center in the same strip malls can go under to let the real crooks take over. Remember when people where dressed up to go to banks and airports? Speaking of such things, I miss when almost all of the stewardesses hot.

What's happen'n in this world? The other day I had a friend follow me around my messy shop while I changed LP's then I gave him a look like 'what ARE you doing?' and he said the kids are so lazy now days that they'd not listen to music at all if it took that much work to hear it.

SW

Reply to
Sunworshipper

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They get around the law by calling it a "flat fee."

Hope This Helps! Rich

Reply to
Rich Grise

And this is any skin off your nose exactly how?

Thanks, Rich

Reply to
Rich Grise

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In the shortest-term and most limited Libertarian sense Rich is correct.

Unfortunately, we live an a longer term aggregate/holistic world. Even if this is only an occasional occurrence, the probabilities are this will quickly involve petty crime, prostitution, etc. and if any children are involved, social services are likely to become involved, all at significant taxpayer expense. The costs to society are not limited to taxes as bankruptcy and other financial problems are likely to result, most of which cost will be passed on to others through higher interest rates/fees to cover the resulting bad debts, if only because the people directly involved have no money left.

IMNSHO - the ?quality of life? in any community is very adversely effected when significant gambling is promoted, especially by the government, e.g. the lottery and OTB, resulting in gambling addicts. Even manufacturing and other operations in the community will be affected because of the increased probability of "on the job" theft, petty crime, and embezzlement, as well as work disruptions resulting from placing bets, loan sharking, and "enhanced" debt collection activities.

Reply to
F. George McDuffee

Reply to
JR North

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