- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
I prefer an honest living where I go home at the end of the day and I can feel that I make an honest living. I was so embarrassed that I worked there, that I wouldn't tell my mom where I worked or what sort of company it was. I didn't know when I got hired I only found out after the fact (yes I know that's bad, but I was a contractor I wanted a job, I had no idea what those places were all about I'd never dealt with them before).
So my bad there. I didn't last there long. It's a small step above the mafia in terms of respectability - the difference is they won't come and break your knees if you don't pay them. But you may end up wishing they HAD instead of what they will do to you, which is drag you into court and get a garnishment against you and you will pay them for the rest of your natural life when they get done with penalties and fees and so on. If that happens you might as well go for BK, it's the only chance you have to get away from these vultures.
I found it interesting. Some of them were amoral, and would make the argument that they are provding a "service" to people that traditional lenders won't touch, due to a poor credit history, which is true in that their customers do not have any other option (or they wouldn't be there), and as a result of the increased risk of dealing with these people, they needed to be better compensated for that. Ok, fair enough on the surface, I mean granted traditional lenders do the same thing - the higher your score the better your terms generally, so to a degree certainly that's reasonable, who could argue with that?
HOWEVER, it's one thing to charge higher rates to higher risk, and it's another to make your living off the backs of those who can least afford to do this, but are driven by desperation or insanity to put bread on the table for today at the cost of paying for it for eternity. Yet that's what they do, they prey on the desperate and they charge them ROYALLY. Yeah you can eat for today, we'll loan you a grand, you are just going to pay us back over 3 grand during the next 6 months, but if you can't do that we'll roll you over into a new loan with even higher terms, and we'll just charge you every penny we can get until we can't get any more blood from you, using the legal system to take everything we can, until you are bled dry. Yes, that's really what it is, and that's what the amoral people don't bother to delve into. I guess they have to justify to themselves what they do for a living somehow, much like the Nazi SS officers I'm sure convinced themselves what they were doing was right and just. This isn't on the scale of mass murder, I'm not saying that, but it sure is on the scale of economic devastation for the bottom rung of society.
Anyway, I'm going to say again, please if at all possible do NOT do business with these sort of lenders. I'm sure most of you know that already, but it bears repeating.