Im finally going to do it (side business)

[SSI]

whale is right...... i told you the going rate is $30 on every $200 loaned -- every 14 days..... im going to beat that by $10......... its very much legal here... i have cops and lawyers in my store every day.....

things here are different and very small town, id have no problem at all running parlay cards..... i run a racing pot every week, absolutely no problems ever.......

 

[WVU]

where is your store? what part of town?

 

[Dawoofdaddy]

whale is right...... i told you the going rate is $30 on every $200 loaned -- every 14 days..... im going to beat that by $10......... its very much legal here... i have cops and lawyers in my store every day.....

things here are different and very small town, id have no problem at all running parlay cards..... i run a racing pot every week, absolutely no problems ever.......

Things being different and not ever having problems ever are fine and dandy, but Im not believing this is a legal activity.

Who cares anyway, and best of luck to you.

 

[SSI]

about 8 miles outside the city......... pretty good location...... very southern, very white....... semi mayberrish and thats a good thing.....

 

[whalewager]

ssi...your convenience store almost sounds like a old time social club...very corrupt individual u are

 

[SSI]

woof, check it out...... i can assure you, its 100% legal here.......

these guys are making an absolute killing......

think about it........ +250% a year on all you can loan and the law is on your side........ you dont even want them to pay you off.......

 

[Dawoofdaddy]

Whales avatar...that guy looks like he'd enjoy charging people extra interest...with or without (preferably without) proper licensing.

:lolBIG:

 

[whalewager]

it is completely legal if u are set up as a payday lender joint...they are all over the place here...storefronts...

now what ssi is talking about..im sure u need some kinda licensure...

maybe a ged or something

 

[SSI]

whale, i could very much make it that way but i dont.....

i could buy food stamps all day long for 1/2 value........... simply swipe their card, the money is automatically deposited in my store checking account....... i swipe a $100, they walk with $50......

i could do this all day long but i do not........ i know people that buy them in this manner alot........

 

[whalewager]

ssi...im gonna come visit your place one day...id like to sit and eat a sandwich and watch u f people

 

[SSI]

id have to hook you up with a bologna sandwich........ they are actually quite good...

i dont do that to people, im usually on the wrong end........

of course if you let people charge, you must make a little interest off them, you must also cut the race pot....... you know the ordinary things..

 

[Paterno]

www.advanceamerica.net

One of the most successful companies in SC.

Fee Schedule​

[FONT=Arial,Bold]

Advance Fee Annual Percentage Total Check
Amount Amount Rate (APR) Amount​

[/FONT][FONT=Arial,Bold]

(Amount Financed) (Finance Charge) (Assumes a 14-day Term*) (Total of Payment)​

[/FONT][FONT=Arial,Bold]

$100 $15.00 391.07% $115.00
$150 $22.50 391.07% $172.50
$200 $30.00 391.07% $230.00
$250 $37.50 391.07% $287.50​

$300 $45.00 391.07% $345.00
[/FONT]

 

[TTinCO]

thats not true...there are payday loan shops all over the southern states that are thriving charging more interest than that

the last i heard...the Fed was trying to pass some legislation that would make it tougher on shops but they havent

True(and it's not just the south) and true-but I think the bill got shot down.

I looked into going into this industry, and it's just not worth it. The best locations are the worst parts of town, to do it right you have to be open 24 hrs a day for the crackheads(who will be most of your customers), and a check doesn't mean shit to a lot of people. If I was going to do it, I'd have to also own a collection agency, because the stiff rate is that high.

I spent about 6 months digging up info on it & went from "This has a LOT of potential" to "F this......"

 

[blueedwards]

i have read this thread and here are a few things that jumped out:

"...they need money to buy drugs..."

"...if i dont provide this service, someone else will..."

"...250%...these guys are making a killing..."

"...yes illini, you are correct that this will hurt my christian witness and i am taking advantage of the poor..."

now, i am not going to preach to you because i have done things in my life that i am not proud of but...think about what you are doing for a minute and ask yourself this question:

is it worth it?

i predict that if you continue this practice, you will have trouble sleeping at night.

good luck to you

 

[SSI]

i told you guys......... $30 on $200 is the going rate....... and i can assure you they are plenty busy.....

true story, the guy i know that does this, owns a jewelry store and has this business in the back side of business, separate enterance........ he also gambles, he calls touts...... he took me in his office one day and called a recording for a NHL game to be played in 2 weeks....... the guy is from India and quite wealthy but he throws money away on sports........

doesnt matter, making 5 dimes a week loaning money.........

 

[whalewager]

ssi...do u close the drawer all the way after each purchase in your store?

 

[whalewager]

loaning money is a very very easy way to make money...

u just have to have a lot of it

 

[SSI]

blue, that is what im wrestling with......

tinco,,,,,,, not all that bad here........ you see this will all be side money for me...... so what if i only get 20 customers, thats an extra $200 per week....

trust me, i deal with alot of checks on a weekly basis....... and for the most part i have no problems...... maybe 4 checks per month returned and the amount is always less than $100......

if you get one, i know the legal procedures on collections and the courthouse here, works with you.....

bad check writers are frowned upon..... they will even run their name in the local papers....... im also semi friends with the local sheriff....... true story, i dated his wife in high school but they dont hold that against me..

 

[whalewager]

im sure she told him u had a lil bitty pee pee

 

[SSI]

whale i could tell you plenty of stories....

do you think i pay sales tax?

i better not say much on this board........