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Magnus Eisengrim Inner circle Sulla placed heads on 1064 Posts 
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Quote:
On Sep 15, 2017, Dannydoyle wrote: How about we regulate them instead?
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 |
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tommy Eternal Order Devil’s Island 16238 Posts
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If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Dannydoyle Eternal Order 20540 Posts
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Quote:
On Sep 15, 2017, Magnus Eisengrim wrote: More than they already are?
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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Magnus Eisengrim Inner circle Sulla placed heads on 1064 Posts
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Quote:
On Sep 16, 2017, Dannydoyle wrote: I don't know the local regulations where you are, so I can't comment. In general, pawn shops should be regulated (they certainly are here) to prevent usury. Which is the point of this discussion. No need to shut them down. Just put some controls on the power they exert over vulnerable people. We probably agree here, Danny.
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 |
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Dannydoyle Eternal Order 20540 Posts
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They are already regulated out the wazoo. But landmark seems to think it is exploitation.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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tommy Eternal Order Devil’s Island 16238 Posts
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I think you ought to know at your age that time is money.
If you charge $15.00 FLAT fee for a two-week loan of $200, then what do you think your annual interest rate is?
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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ed rhodes Inner circle Rhode Island 2754 Posts
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Quote:
On Sep 16, 2017, tommy wrote: Explain it to me. It seems to me, if he's charging a flat fee, then there IS no "interest rate." The interest is $15.00. Not 1%, not 5%, not 9%, not 125%, $15.00
"There's no time to lose," I heard her say.
"Catch your dreams before they slip away." "Dying all the time, lose your dreams and you could lose your mind. Ain't life unkind?" |
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tommy Eternal Order Devil’s Island 16238 Posts
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Explain to the reader, what's in a name, when a rose by any other name would smell as sweet.
A flat fee of $15 on a $200 two week loan by any other name is 7.5% interest every two weeks. That incidentally is far more than the loan sharks, which he loathes, are charging, as they are only charging 8% per month.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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tommy Eternal Order Devil’s Island 16238 Posts
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Quote: On Sep 15, 2017, NYCTwister wrote:
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Dannydoyle Eternal Order 20540 Posts
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Is it legal and moral Ed just so you don't call it interest?
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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ed rhodes Inner circle Rhode Island 2754 Posts
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Quote:
On Sep 18, 2017, tommy wrote: As I understand it, the interest gets added to the principal. Slip behind and you end up paying on the interest and the principal doesn't ever diminish. A flat fee is s flat fee. You owe $215.00. Period. Not 215, then 230, then 245.
"There's no time to lose," I heard her say.
"Catch your dreams before they slip away." "Dying all the time, lose your dreams and you could lose your mind. Ain't life unkind?" |
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S2000magician Inner circle Yorba Linda, CA 3465 Posts
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Quote:
On Sep 19, 2017, ed rhodes wrote: Interest is simply the price you pay to borrow money. When it gets paid doesn't matter. What it's called doesn't matter. If you charge $15 to lend $200, then the $15 is interest ($15 / $100 = 7.5% interest, to be exact), no matter when it's paid, and no matter what it's called. |
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Dannydoyle Eternal Order 20540 Posts
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Plus if you don't pay the $215 when agreed there are penalties is I'm not mistaken.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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tommy Eternal Order Devil’s Island 16238 Posts
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I don’t know what Bill means by “when it gets paid doesn't matter”.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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rockwall Special user 763 Posts
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Quote:
On Sep 19, 2017, landmark wrote: Wow. I guess I shouldn't be surprised that you so misinterpret a simple bible passage. Jesus wasn't upset with them for 'lending' money. That's pretty clear even from the link you posted. |
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Magnus Eisengrim Inner circle Sulla placed heads on 1064 Posts
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Quote:
On Sep 19, 2017, tommy wrote: I believe that he is making the distinction between interest, which is an amount of money, and interest rate, which is a percent per unity time. e.g. The interest might be $20, but the interest rate might be 12%/year.
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 |
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rockwall Special user 763 Posts
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As landmark and NYC have pointed out, people who borrow from payday lenders are probably desperate. Maybe they had an unexpected expense and now they don’t have the cash to buy groceries for their family. Maybe they need to get their car fixed or they’ll lose their job. Who knows?
So yes, I don’t have a problem saying that a payday lender is offering them some help by lending them some money until the end of the month to help them get through the month. I’m sure the people who need the money appreciate the loan a lot more than what landmark or NYC offers them. The desire to “work towards a society that doesn’t need them” or the moralizing about how “despicable” the lender is. Landmark asked, “why would I start a business to exploit poor people?” Which of course is a straw man. I didn’t ask landmark to start a business to exploit poor people. But I’ll answer the question anyway. You might want to start a business to lend people short term money because you feel they are being taken advantage of and you would offer them a better deal to help them out. Of course, that would be difficult. It’s much easier to offer them nothing and claim how ‘moral’ you are because of it. |
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S2000magician Inner circle Yorba Linda, CA 3465 Posts
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Quote:
On Sep 19, 2017, tommy wrote: I do. (He means that if you pay the fee/interest when you get the loan or pay the fee/interest when you repay the loan, it's still interest.) |
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tommy Eternal Order Devil’s Island 16238 Posts
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The truth is they are not payday loans to workers but are dole money loans which are given to people who cannot afford any interest at all without going hungry because they only get just enough dole money to live on. Therefore, then, these dirty no good loan sharks are starving the poor and the insane. In the interest of justice, all these bankers ought to be strung up at the nearest lamppost. All we need is a few pitchforks.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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landmark Inner circle within a triangle 5019 Posts
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Quote:
On Sep 19, 2017, rockwall wrote: The money changers charged an extortionist fee for exchanging money. It's pretty clear that He was more than angry and called them robbers. For hundreds of years the Christian Church left money lending to the Jews, as they believed Christians should not be involved in such activity. Your position is completely ahistorical. Charging interest has long been seen as an unsavory activity.
Click here to get Gerald Deutsch's Perverse Magic: The First Sixteen Years
All proceeds to Open Heart Magic charity. |
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Posted: Sep 15, 2017 10:51 pm 
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