36% APR is too little for us to make a profit, so we are leaving.  | | | 
March 12th, 2008, 09:03 PM
|
#1 (permalink)
| | I do Ouchy-Bleedy.
Join Date: Apr 2002 Location: Albany, Ga.
Posts: 11,481
| 36% APR is too little for us to make a profit, so we are leaving.
A payday loan company is leaving Oregan because the new law prevents them from charging more than 36% APR. Quote:
Check Into Cash of Cleveland, Tenn., said Wednesday that it was closing its remaining 13 Oregon stores, blaming the state Legislature for hurting its business.
The company’s decision came a year after the Legislature adopted a law imposing a 36 percent annual percentage rate cap on payday loans.
| Quote: |
“We tried to work within the constraints of the law, but lost money each and every month we tried to operate there under the new rules,” Jones said. “We have proven that it cannot be done.
|
So, exactly how high an APR is needed to turn a profit these days??  50%?? 60%?? 80%?? 
__________________
They say technology slows down for no one. I know it outruns my wallet. I figure its because my wallet isn't light enough yet.  TechIMO Folding@home Team #111 - Crunching for the cure! | 
|  | |
March 12th, 2008, 09:10 PM
|
#2 (permalink)
| | Rock of Ages
Join Date: Oct 2001 Location: Bismarck,ND
Posts: 27,057
|
They should goto Nevada.
Nevada in their pearls of wisdom has NO apr limit....
__________________
Patriotism- The ones who stand together, alone.... shall be remembered. | |
| | |
March 12th, 2008, 09:47 PM
|
#3 (permalink)
| | Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 7,613
|
36% return is more than most companies earn. An investment of $1,000 in ten years at 36% is worth over $25,500.
The only way a 36% APR isn't enough is if the company is lending money to people who have no business borrowing money.
If you can't make money at that rate, you deserve to go out of business.
__________________
"Facts are wonderful things, if you got'em"
| |
| | |
March 12th, 2008, 10:06 PM
|
#4 (permalink)
| | Rock of Ages
Join Date: Oct 2001 Location: Bismarck,ND
Posts: 27,057
| | |
| | |
March 12th, 2008, 10:28 PM
|
#5 (permalink)
| | I do Ouchy-Bleedy.
Join Date: Apr 2002 Location: Albany, Ga.
Posts: 11,481
|
UM, who did you think pay-day loan companies gave loans to?? | |
| | |
March 13th, 2008, 12:25 AM
|
#6 (permalink)
| | ================>
Join Date: Aug 2003 Location: PA, USA
Posts: 19,472
| Quote:
Originally Posted by MTAtech  The only way a 36% APR isn't enough is if the company is lending money to people who have no business borrowing money. | Ding ding. | |
| | |
March 13th, 2008, 01:25 AM
|
#7 (permalink)
| | SoMuchAnime-SoLittleTime
Join Date: Aug 2003 Location: Plymouth, WI
Posts: 15,166
|
Payday loans are not exactly the safest for the loaner.
If a person is dumb enough to not have enough money until their next pay day and go to a place like that, they deserve to be scammed. Maybe they won't be able to buy so much booze next time. | |
| | |
March 13th, 2008, 03:22 AM
|
#8 (permalink)
| | Banned
Join Date: Jan 2005 Location: Loveland, CO
Posts: 5,492
|
Beats the mob option....  | |
| | |
March 13th, 2008, 05:42 AM
|
#9 (permalink)
| | Ride 'em Cowboy
Join Date: Oct 2001 Location: Dallas, TX
Posts: 9,519
|
They only make the 36% if the people pay back the money
__________________
Have you hugged your kid today?? | |
| | |
March 13th, 2008, 06:09 AM
|
#10 (permalink)
| | Prof. of DooGlian Studies
Join Date: Oct 2001 Location: Nr. GroundZero NYC
Posts: 6,093
|
I'm willing to lend for 35%.
But for his special rate, you have to pay off in advance.
DOOOG | |
| | | Thread Tools | Search this Thread | | | | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Most Active Discussions  | | | | |   Recent Discussions  | | | | |
 |
hardware
prices 
