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Predatory "payday loans" not just for hand-to-mouth workers anymore

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PSPS Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-06-11 02:25 PM
Original message
Predatory "payday loans" not just for hand-to-mouth workers anymore
I heard an ad today on the radio for an outfit that offers "micro loans for businesses." Since today's business model consists of three words -- lie, cheat, steal -- I thought I'd see what the angle was here.

I thought I had seen it all when the late Gary Coleman was promoting "Cash Call" with a 99.5% interest rate. But this makes Cash Call seem like a downright giveaway.

This handout from "Micro Loans Northwest" says they charge 17.5% PER MONTH! That's an annual rate of 210%!

Disaster capitalism at its finest.
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L0oniX Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-06-11 02:32 PM
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1. Maybe they can take over for China.
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Systematic Chaos Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-06-11 02:38 PM
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2. That indeed is some seriously ballsy shit right there.
How do you start a small business on only $1000, with a $1175 sword of Damocles hanging over your head in a month? Or $175 per month ad infinitum?

I thought Avon sales -- one of their ridiculous "suggestions" -- had almost no capital requirements to start up? And so many of the others you couldn't touch with a grand.

DERP!!
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