To: A. Pole
The loans, defined in state law as pawn transactions, are made in exchange for a car title and a spare set of keys. They come at a hefty price: 25 percent interest a month, which works out to an annual rate of 300 percent.
The people who would get a loan under these conditions are the same people who blow their welfare/SSI checks at the casinoes every month.
posted on 02/17/2005 5:52:59 AM PST
by E. Pluribus Unum
(Drug prohibition laws help fund terrorism.)
To: E. Pluribus Unum
"The people who would get a loan under these conditions are the same people who blow their welfare/SSI checks at the casinoes every month."
True, but when considered as a whole they make up a tiny fraction of a 1 percent, IMO. I'm in poor neighborhoods all the time. The major contributing factor, IMO, is lack of education, the debilitating affects of being up to your eyes in debt while living weekly from paycheck to paycheck and the last resort these places offer for those with lousy credit.
posted on 02/18/2005 5:16:21 AM PST
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