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What percentage of people that use cash advance stores have a Experian credit score below 520? I am doing a research paper on peer to peer lending and am trying to figure out the affects of peer to peer lending on cash advance stores mainly serving people with bad credit.
520 is the minimum credit requirement for placing a loan on prosper ( a peer-to-peer lending site) RG replied: "Probably a majority of people who go to Cash Advance Stores have horrible credit or are not financially sound. It is going to be difficult to figure out a percentage or even a ballpark though. Why would someone go and pay those outrageous interest rates if they could go to a bank and get a traditional loan or buget their money better and not get into that situation?" The stock market is doing well, will we have less cash advance stores now? Why?/Why not?
Why are there more now then in 2000. still learning at 53 replied: "Probably not, because most people do not own stocks."
rhsaunders replied: "No. The people who patronize those stores don't participate in the stock market. The number of stores will probably increase because they are so profitable."
jdm003 replied: "I don't see a connection. The people that need cash advances are not getting them because of bad investments in the stock market."
Thomas replied: "No, because after the election it will tank again. The housing market is crashing, pulling everything down."
fr_chuck replied: "No, the people who use the cash advance stores do not plan thier money nor do they save thier money.
They do need seroius finical help and should be investing some money so they don't have to use pawn shops and other places.
In general no one should ever use cash advance since they only get the person in worst trouble.
But yes the econnomy is doing alot better, at a all time high.
My investments were making over 15 percent last year but I am worried if the democrats undo Bushes tax cuts, the market will go the other way. Also OPEC does not want lower oil prices so they are going to force prices back up also."
waytooeasy67 replied: "I doubt it. Most people that use those type of stores are not ones that invest in the stock market. People that use these types of services are living from payday to payday and have no extra cash. Unless wages all over the country rise, these stores will continue to thrive."
hick k replied: "cash advance industry exploiting impulses of people its reckless to allow it, but at the same time we cant as society control people behavoiurs for easy money"
crusinthru replied: "The two have nothing in common. Wow Thomas you are such an optimist lol"
Floyd B replied: "No.
The poorest 20% of the population has less than 1% of the assets.
Most of these lack regular dependable income.
Live on a cash basis from day to day."
used1goods replied: "no, cash advance stores are fueling the illegal immigrants pockets, and making money at it." Should we meter our economy by how many cash advanced stores are closing? Any of them going under in your area? wrfine replied: "Yeah cause the people are finally get a clue that they paying way to much interest."
delphi replied: "I haven't paid any attention to them. Calling them predatory would be a kindness. Maybe it's a good thing."
Spidey replied: "Just wait until Obama hits them up for a $2 trillion cash advance."
PrivacyNowPlease! replied: "No. It took at least 4 indicators to declare we were in a recession so why would we limit a measure of a decline or improvement to just Cash Advance stores?" What is Cash Advance? Can I walk into any Cash Advance store and get money? How much will they loan me? How can you qualify? Can you qualify if your on SSI? effervescentevanescence replied: "Cash advances, or payday loans, are loans issued over a short period of time for an extremely high interest rate. The loan eligibility is dependent upon no previous delinquencies and income to pay the loan back. If at all possible, use these as a last resort. Because of the amount of time the loan is issued, the interest rates are as high as 600%. They usually will ask for a valid checking account, paycheck stub, and bills to verify residency. Being on SSI should not DQ you from this type of loan."
Larry E replied: "They charge outrageous interest."
Jaime replied: "Oh god please don't do it. I had a friend who got himself in trouble with payday loans. Stay away from them." Where can I learn about running a cash advance business? I work for a corporation that has one large business and several smaller ones. One of the smaller ones is a small chain (3) cash advance stores. They have too much overhead for just 3 stores due to a corporate office and mismanagement, so they are selling off the business very cheap. A friend and I are interested in purchasing them, because the stores themselves are very profitable and we would be able to retain all loans that are out, and the employees at the stores and a wonderful "regional manager" that manages all 3 stores.
Problem is, we don't know a lot about running a business like this, and although the company we'd be buying from has said they would help us setup our business structure, we'd obviously like to learn about this stuff independantly. I'm searching the net today for info, and was hoping someone here could point me in the right direction to learn more about running a store in this industry. My partner is spending the same time calling other store owners also. Atlas replied: "You need to workat the cash advance stores your corporation owns."
Lilian S replied: "try this web, you will find all the info you need" Is it possible to get a cash paycheck advance on Sundays? I can't seem to find anywhere that's open today, and it's an emergency. Maybe Portland, OR just happens to only have cash advance stores that are open solely on weekdays. Has anyone gotten a cash advance on a sunday?
I see. I've been discovering how bad an idea that is. Thank you :) nonetheless, I'm desperate and fees are no object, if there's any chance one would be open today I would still consider taking the risk. Key word consider, I promise I'm not the reckless type.
I see. I've been discovering how bad an idea that is. Thank you :) nonetheless, I'm desperate and fees are no object, if there's any chance one would be open today I would still consider taking the risk. Key word consider, I promise I'm not the reckless type. Red replied: "Think of it as a God send that they are not open and find another option." Bank account charged for cash advance that was not paid from 2005..? I already know the answer to this question is going to be "pay it, you owe it" but I wanted some more info. In 2005 I had taken out a cash advance and did not pay it back. Since then, I changed banks and had gone back to the store where I took out the advance to pay them back and they had told me it was sold to a collection agency and I would have to contact them to pay. In the meantime, I decided to file bankruptcy and am in the process of doing that (has not been filed yet). I did not give the cash advance store any of my new banking information when I had gone in to pay. So I found this weekend that the store had charged my card for the amount owed. I called them to find out 1) where they got my banking info from 2) how they were able to charge my card when I was told it was sent to the collection agency. Can they do this? Ive never heard of a collection agency being able to take from someones account just because they have your information. How could they have gotten my new banking information? Am I owed any documentation showing where they got my info from (original contract, copy of check)? Shevron replied: "I would imagine in accordance with cash advance terms of pay back that you signed they will go to process within the law to get paid. The collection agency who is under contract with the creditor would run a current credit check for your current employment and financial status and can acquire data from other sources. They are like creditor's detectives. That's easy stuff to find out in today's technology world you can't hide it." |
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