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The Magic Cafe Forum Index » » Not very magical, still... » » What a deal! » » TOPIC IS LOCKED (0 Likes) Printer Friendly Version

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S2000magician
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I just saw a TV commercial for Speedy Cash. They have loans available for only – only! – 8% per month.

At least they were upfront in the ad: they did say that the APR is only – only! – 96%.

Such a deal!
Magnus Eisengrim
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Sulla placed heads on
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My heart aches. Usury laws appear to be toothless.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.--Yeats
S2000magician
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The US got rid of usury laws years ago.

Idiots.
landmark
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Because of the magic of compound interest, the effective annual rate is closer to 252%. That is, (1+.08)^12. So if you borrowed a hundred dollars and paid no payments for a year, you would owe $252.
landmark
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Quote:
On Sep 11, 2017, S2000magician wrote:
The US got rid of usury laws years ago.

Idiots.


Not idiots. Criminals bribed by criminals to vote in favor of anti-working-class legislation.
Dannydoyle
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Quote:
On Sep 10, 2017, S2000magician wrote:
I just saw a TV commercial for Speedy Cash. They have loans available for only – only! – 8% per month.

At least they were upfront in the ad: they did say that the APR is only – only! – 96%.

Such a deal!


We had guys in the neighborhood who went to jail for charging these rates. Now it is just good business.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
landmark
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*152% interest.
Magnus Eisengrim
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Quote:
On Sep 11, 2017, S2000magician wrote:
The US got rid of usury laws years ago.

Idiots.



My heart further aches. We have usury laws, but they are much too weak IMO.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.--Yeats
rockwall
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Poor, poor victims getting forced into paying ridiculously high interest rates on short term loans. It's obviously everyone's fault except the dummies borrowing the money. My heart just aches.
NYCTwister
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It's not that simple Rockwall.
If you need fear to enforce your beliefs, then your beliefs are worthless.
rockwall
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What's the calculated interest rate on a $35 overdraft charge on a $10 overdraft that you cover 2 days later? Does your heart ache over that charge?
Dannydoyle
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Rockwall you're not wrong.

The problem is math skills.

Something like 62% of students in public schools could not pass basic math skills testing. Worse yet the other half didn't even show up.

(That is a joke, not a typo.)
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Cliffg37
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"In order to get a loan from a bank, first you must prove you don't need it."

- Author unknown
Magic is like Science,
Both are fun if you do it right!
rockwall
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The loan in discussion is a payday loan. It's meant to be a short term loan of less than a month and the "interest rate" is really more of a service charge.

If you think it's criminal to charge what they charge, then I have a great business opportunity for you. Open up a payday loan center in your city and charge what you think is a fair interest rate on these 2 week loans and you'll have people flocking to your door. Of course, you'll more than likely soon be out of business trying to cover your overhead by charging so little.

For instance, let's say you think 12% per annum is a fair interest rate. If someone comes into your center and wishes to borrow $200 until they get paid in a week, you would be able to charge them about 46 cents for the loan. Good luck making enough to pay your $15/hour employees the 10-15 minutes it probably takes to fill out all the paperwork and handle all the processing.
tommy
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What it is meant to be is usury, which is what it is.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
rockwall
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Like I said Tommy. I've got a great business opportunity for you.
landmark
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Quote:
On Sep 12, 2017, rockwall wrote:
What's the calculated interest rate on a $35 overdraft charge on a $10 overdraft that you cover 2 days later? Does your heart ache over that charge?

Last time I looked, banks actually make more on personal accounts from service charges and late fees than interest. Yes, equally usurious, thanks for pointing that out. They will miss no chance to enhance their profits at working people's expense.
landmark
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Quote:
On Sep 12, 2017, Cliffg37 wrote:
"In order to get a loan from a bank, first you must prove you don't need it."

- Author unknown

Not anymore. The game for banks now is to loan to poor risks as well as good risks. The poor risks will be paying forever, or if the loans go bust, the bankers, too big to fail, get bailed out by the taxpayers. Socialized risk, Privatized profits.
Dannydoyle
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Quote:
On Sep 12, 2017, landmark wrote:
Quote:
On Sep 12, 2017, rockwall wrote:
What's the calculated interest rate on a $35 overdraft charge on a $10 overdraft that you cover 2 days later? Does your heart ache over that charge?

Last time I looked, banks actually make more on personal accounts from service charges and late fees than interest. Yes, equally usurious, thanks for pointing that out. They will miss no chance to enhance their profits at working people's expense.


Some end up paying those fees back
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
rockwall
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So Tommy and landmark and anyone else who thinks they charge too much, if you were to start a business to help people out by loaning them a bit of money until their next paycheck, what would you charge to loan someone $200 for 2 weeks?
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