View Full Version : Payday Loan Biz

07-07-2004, 01:52 PM
Can anyone give me info on resources for starting a payday loan biz? Would like to know startup costs, procedures, etc.... Any assistance is appreciated. Please email comments to ctrc@wctel.net


08-29-2004, 01:15 PM
Not trying to be a wise-ass, but what's a "payday loan business"?

09-15-2004, 07:13 AM
Basically what payday does is give you loans at extreamly high rates, like about 30% or more, then you pay them back when you cash your pay check. They are about 50 times worse than a Credit Card. Many many people get so far into debt so fast using this. I would not reccomend ever using this type of service. As for stating this type of business, that is fine, but you realize that you will be preying on people who do not know any better.

10-06-2004, 09:06 PM
They are springing up all over the place too. They come in a variety of forms, car title loans, payday loans, etc. The interest is very high and once a payment is missed, forget about it. A friend of mine was foolish enough to borrow from one of these places. It took her over a year to pay it back.

10-17-2004, 07:45 AM
This kind of business is only one step up from 'Protection Rackets' and preys on the desperation of the trapped. Have you thought about when the debtors can't pay! What methods would you employ to get your money back?....Where would that lead?....Strong arm tactics maybe?....If you are asking for advice like this on a forum, maybe you should get a job!
Good Luck!

09-20-2005, 11:13 AM
I was just reading this post and I think that whatever someone wants to do to make money to provide for themselves and family, as long as it is legal, should not be downplayed. "preying on people who dont know any better"

I say this, if someone wants to start a legal business that is going to be profitable, by all means do it.

Did you ever think that the people who use that service may actually need the money? Maybe they help as many people that they hurt.