Im finally going to do it (side business)

[SSI]

true story.....

last week i recieved payment on a bad check from 10 years ago...... my wife had to look it up, just to see who the person was.......... sheriff that collects on a $30 (10 yr old) bad check will get my vote for sure.......

he was recently elected sheriff btw.......

deputies check on store alot....... its good to have a really good relationship with local law enforcement....... ive found its better to work with them than against them.....

make the system work for you.......

 

[TTinCO]

SSI, my response may have been a little off-base. I was referring to your textbook Payday Loan\Postdated Check store where it is their primary source of income.

If you stick to regular customers that you think you can trust, why not?

 

[SSI]

Tinco, thats exactly what im referring too......... im not even going to let my employees handle this.... if they want to borrow money they must see me........... its in one pocket and the .357 is in the other......

 

[blueedwards]

Jesus had a soft spot for the poor and some pretty harsh things to say about people taking advantage of them. when he got crazy that time in the temple and started cracking that whip on people...remember the ones who got their asses beat? remember what they were doing?

:youmad:

 

[SSI]

i got to go, ill keep you guys posted on this........

i got to get up earlier than you guys.....

here is my schedule, 7 days per week...

4:00am: get up

work until 8:00 am

workout 8:30-10:30

back at store 10:30-12:30

nap 1:00-3:00

back at store for another hour in the evening......

repeat daily..... no joke 7 days per week.....

 

[SSI]

blue i sure do,,,,,,,,, they were money changers, they were ripping the poor off.....

 

[Baker]

There is no way it is legal to perjure yourself and claim the check you "ran through your store" was for the purchase of goods. There are laws that dictate the procedure for cashing a postdated/undated check and it doesn't sound like you will be adhering to those. You will have a real hard time collecting if someone ever goes to court and exposes what you are doing, but you are exposing yourself here anyway so you aren/t exactly a genius.

What happened to the 180 days to becoming a Professional Trader gambit anyway?

Really if you are going to screw over people with no money so you can lose money gambling why don't you just sell drugs and cut out the middle man?

 

[SSI]

ok, not really sure what you mean by losing money gambling.....

i currently cash alot of checks for people daily........

i can assure you, the law will be on my side........

one thing you did say that made sense Baker........... i need to cut the thread.....

good day gentlemen.......

Baker they have pointed out to you, this is 100% legal here..

 

[CookieNBabe]

If legal, I dont have any problem with it. Obviously, SSI is attracted to it to make the huge % return, but he is also possibly saving the poor some money by undercutting their 391% rate, with a very affordable 250%! Even if half these borrows stiff him, he still doubles his money every 12 mos.

An Arab friend owns a gas/minimarket here in a little town in Calif. He cashes checks for migrant farmworkers, with no i.d. or bank account. Charges them 7.0 %. And these are local checks from big corporate farms, or farm labor contractors that he knows well. In otherwords, the stone NUTS..... ~0~ risk! He averages 22k a week in check cashing, for a free 1,500 per week. This is only 6 mo. of the year... from May thru October, though. Tough life.

He got into trouble a few years ago, cashing checks for guys with "borrowed" social security numbers, I forget how that scam worked, but Ill ask next time I see him. He paid a huge fine, I remember that much.

Do what ya gotta do, I guess.

 

[fhmesq44]

if you do it, make sure you look into licensing and usury laws in your state. You are f*ed if you aren't licensed and/or charge usurious rates. Most states have both criminal and civil sanctions if you charge usurious rates on your loans.

 

[WVU]

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..

SSI, You cannot compare accepting checks for food and milk and the rate of return on them to accepting checks for cash advances and the default rate on them. I guarantee you the default rate on cash advance post dated checks would be 20 times higher than a standard check from a store customer.

If you are dealing with 4 bad checks a month now, be prepared to deal with 80 bad checks a month if you go into the cash advance biz. Do you think cash advance type people care about being frowned upon by writing a bad check? People who use cash advance services are not exactly credit worthy. That is why they need to pay 391% to borrow money.

You talk about cashing in $100 in food stamps for $50. Then you say that if anyone wants to borrow money they must come to you directly and you will have the money in one pocket and a gun in the other? Then you talk about trying to be a good Christian???

Another thing about accepting post dated checks. What is a Postdated Check?
If you write a check with a date in the future, so that the check cannot be cashed until the date on the check, then you have written a postdated check. Unlike a normal check, a postdated check is not necessarily payable on demand. Because they are not payable on demand, most states refuse to cover postdated checks under bad check laws. You will not be able to collect on these checks using the same laws that you use to collect on your other bad checks.

 

[SSI]

thread is dead for me..

good day to you gentlemen...... forget i mentioned it......

 

[WVU]

Good discussion SSI. One of the best threads in the last week or so