Skip N Barb Team
Dickinson, Texas
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We usually keep our tv on Fox news.
Lately there's been an ad for a quick loan, which seems to be aimed at the nation's American native indians, offering $5000, overnight at over 116% interest!
Is this possible, and who would take this kind of advantage of people, who might go this route in desparation?
In these days of economic stress, I would like to think, people wouldn't try to treat others this unfairly.
Rant over......Thanks
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trafficmaker
SC
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Is that the commercial with a man of native indian heritage that starts out by saying "yes, our loans are expensive, but'? I heard that and stated laughing...
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Old-Biscuit
Across the USA
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trafficmaker wrote:Is that the commercial with a man of native indian heritage that starts out by saying "yes, our loans are expensive, but'? I heard that and stated laughing...
If that's the one OP is thnking off.....it's NOT 'aimed at the nation's American native Indians'......it's a Native American Indian loan business aimed at ANYBODY needing a quick loan. Just like Pay-Day Loans, Amscot, Fast Loans, Quicken Loans etc. These businesses are 'legalized loan sharks' with rates up 300%.
At least this one (Native Indian) is upfront that their loans are expensive.
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Drbolasky
Allentown, PA
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Old-Biscuit wrote:trafficmaker wrote:Is that the commercial with a man of native indian heritage that starts out by saying "yes, our loans are expensive, but'? I heard that and stated laughing...
If that's the one OP is thnking off.....it's NOT 'aimed at the nation's American native Indians'......it's a Native American Indian loan business aimed at ANYBODY needing a quick loan. Just like Pay-Day Loans, Amscot, Fast Loans, Quicken Loans etc. These businesses are 'legalized loan sharks' with rates up 300%.
At least this one (Native Indian) is upfront that their loans are expensive.
Yep, have seen them here, too (Western Sky with two different - and attractive - ladies as "pitchmen") and I almost choked when I caught the 116% rate. I guess if you're no good at managing your own finances then that figure means nothing to you. At least they tell you that you can keep your cost down by paying it back as quickly as you can. Last I knew, that applied to just about any loan.............
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naturist
Lynchburg, VA
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The industry known as "payday loans" has been doing that for YEARS as part of the deregulated "financial services" industry. They target the poor, and the ignorant, who often do not have enough money to even have a relationship with a bank. With no checking account, no savings (let alone a savings account in which to store it), and no credit cards, "Payday Lenders" and your local mob loan shark are the only way to come up with $200 or $300 bucks fast when something like an unexpected auto breakdown occurs.
Of course, folks who don't have quite enough cash to make it through the current minor crisis also seldom have the financial wherewithal to pay of a 116% loan, so they wind up paying on that loan for the rest of their lives, taking out new ones every 30 days or so to cover what they owe on the old ones.
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lwmuddy
So.carolina
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I read today that this type business is estimated to take in as much as $7.2 BILLION dollars annually. If, in fact, the profits go to the American Indians then I might overlook some of it. If it goes goes somewhere else and uses the Indians as a front then it is VERY BAD.
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fchammer1
FL, PA & points in between
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Gee, isn't that like forcing banks to grant mortgages to people who really couldn't afford home ownership in the first place? What makes this lending agency any different?
Oh, yah. When they default, you can blame the banks.
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jetboater454
No Idea
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Reminds me of loans I made in the service when payday was Monday,but we went to the field on Thursday. Payed for my Harley and car that way.
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mowermech
Billings, MT
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It isn't anything new. It has simply moved.
Some states passed laws to clamp down on the "industry", so they moved to the reservations (in effect, a "different Nation) where the state laws can be ignored. The financial backing for these loan sharks is still the same, from what I have heard, but those loans comply with the regulations of the state in which they are made.
The reservations can pretty much thumb their noses at the "White Man's Laws".
As for the tv ad, no, I haven't seen it.
But then, I don't watch much tv, and when I do I ignore the commercials.
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coolbreeze01
Redding, Ca
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Is there anything they won't sell advertising for?
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