Any good Payday lenders out there ?

[Sean88gt]

Saw a w2 for a salesman at a check cashing/payday loan spot in Da Cliff, and seriously wondered wtf I'm doing chasing education instead of owning a few of those spots.

[MattB]

Saw a w2 for a salesman at a check cashing/payday loan spot in Da Cliff, and seriously wondered wtf I'm doing chasing education instead of owning a few of those spots.

I don't have the ability to deal with dirtbags on a day to day basis, but I can easily see the profit in those places. There's a reason there aren't any in Coppell, Southlake, Highland Park, etc! I don't think I could own a pawn shop, tote the note lot, etc, either.

[93LXHORSE]

Yeah they tried to open a Pawn shop in my hometown of Friendswood, TX... and it failed. LOL...

[abecx]

How much do you need?

[Sean88gt]

I don't have the ability to deal with dirtbags on a day to day basis, but I can easily see the profit in those places. There's a reason there aren't any in Coppell, Southlake, Highland Park, etc! I don't think I could own a pawn shop, tote the note lot, etc, either.

For what this cat made, I'd do it. For what his boss/owner was making, I'd open multiple locations.

Yeah they tried to open a Pawn shop in my hometown of Friendswood, TX... and it failed. LOL...

If I were going to do that, I'd focus on an area that had solid population of the just-getting-by crowd.

[slow99]

Fuck, just look at the interest rates those places charge. Even with defaults I'm sure theyre killing it.

[MattB]

Yeah the stats on those places are crazy. I think I read the average customer gets 3 loans a year. It's not the one-time solution for unexpected expenses like it's typically viewed.

[lincolnboy]

I use to know this old man in Irving that loaned out money

[bcoop]

Fuck, just look at the interest rates those places charge. Even with defaults I'm sure theyre killing it.

I know a young guy that started one and poured every penny he had in to it. He now has 12 locations, all in the hood, and he quite literally has more money than he knows what to do with.

[Sean88gt]

I know a young guy that started one and poured every penny he had in to it. He now has 12 locations, all in the hood, and he quite literally has more money than he knows what to do with.

Know your market, and exploit them. I would venture to say that the users have no concept of what they are entering into. It's like a water hole in the financial Serengeti.

[Baba Ganoush]

I'd like to hear some stories from a store owner. Financial ignorance is fascinating to me.

[Big A]

How much do you need?

Bout tree fiddy.

[93LXHORSE]

A few years back, some place over on Cooper St. sent me a check for 1800 bucks. This was during my dark days of addiction. Hell yeah I needed the money. So I went and cashed it with no hesitation. I then got a mailed invitation to come down and fill out the terms of my "loan".

I blew that off for a bit and started getting all kinds of harassing mail. I go down and fill out the "loan" paperwork and start receiving bills. I blew off the first bill and within a week I had a card on my front door saying they had come to discuss payment options.

I went down there and pitched a fit in their office about the visit to my house, and asked them if they planned to break my arms / legs, stalk me, harass me, etc..

I had a financial windfall a couple of weeks later and paid those assholes off. Fuck that, no telling what kind of tactics they might use to collect their money.

[David]

I have a buddy who does luxury car resale in the poorer parts of town and makes a killing.

[Chili]

There used to be a bunch of payday loan places, and places that did small personal loans ($200 to like $2,000) right off post when I was stationed at Fort Bliss.. Once they get you on the first loan, you were often stuck on a repeating cycle.

-Short on money (or more often, want to buy some stupid toy you can't afford) take a payday loan
-Get paid, pay off loan with huge interest
towards the end of the month, run out of money because of paying off the loan at the beginning of the money, go get another payday loan..

They count on that shit.. And they were even smarter targeting young broke service members. They know that if you don't pay they just have to get in contact with your chain of command and you damn sure will pay..

Lots of small car loan places like that back then too. They would finance pretty much any service member as long as you brought them proof that you set up an allotment so the money went straight to them.