RE: New loans or loansharks?

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RE: New loans or loansharks? - 11/18/2009 3:26:50 PM

thornhappy

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quote:

ORIGINAL: Mercnbeth
I remember in 1980 when the Prime Rate was 21.5% and I spent my day not making loans, but instead counseling my customers not to borrow until we had elected someone with a clue later that year.

It peaked in December (after the election), but was 19.5-20.5 May-July of 1981, after the cluefull one was in office. It spent awhile in the high teens after that.

It ended up around 11, with a minimum of 7.5 during Reagan's administration (based on some monthly data).

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Post #: 21

RE: New loans or loansharks? - 11/18/2009 3:39:06 PM

Mercnbeth

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quote:

ORIGINAL: thornhappy

quote:

ORIGINAL: Mercnbeth
I remember in 1980 when the Prime Rate was 21.5% and I spent my day not making loans, but instead counseling my customers not to borrow until we had elected someone with a clue later that year.

It peaked in December (after the election), but was 19.5-20.5 May-July of 1981, after the cluefull one was in office. It spent awhile in the high teens after that.

It ended up around 11, with a minimum of 7.5 during Reagan's administration (based on some monthly data).

Agreed - However, noting the 'R' Presidency tends to get the flames going and I hoped to avoid that. I certainly remember those times well and prior to that election things were much worse than they were January 2009. It didn't take long to turn things around then, and I don't remember ever, especially in November of that first year, where "It was Carter's fault!" came out of Washington.

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Post #: 22

RE: New loans or loansharks? - 11/19/2009 6:14:41 PM

tazzygirl

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Did anyone else catch the "daily" withdrawals from the accounts? Is daily a typical business deal?

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Post #: 23

RE: New loans or loansharks? - 11/19/2009 6:38:16 PM

DarkSteven

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Makes no sense to me. This only works if a business can make more than 18%, and I don't know of hardly any legal businesses that can.

This is around the same interest rates that credit cards charge, but less flexible.

So the target audience is minorities that have rotten credit, can't get a loan from a conventional source, but are capable of pulling a 20% ROI? What am I missing?

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Post #: 24

RE: New loans or loansharks? - 11/19/2009 8:10:40 PM

tazzygirl

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Is it they cant because of their credit? Or is it because banks simply arent lending?

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RE: New loans or loansharks? - 11/19/2009 8:13:48 PM

willbeurdaddy

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quote:

ORIGINAL: tazzygirl

Is it they cant because of their credit? Or is it because banks simply arent lending?

Its because they can be taken advantage of, just as they pay more for staples in local stores because they generally don't have the ability or desire to travel far enough to price shop.

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Post #: 26

RE: New loans or loansharks? - 11/19/2009 11:05:38 PM

pahunkboy