Online Pawn Shops Lend Cash Fast

#1

Post by chocoheadfred » Wed, Dec 21, 2011, 4:59 PM UTC

Online Pawn Shops Lend Cash Fast
online.wsj.com

Re: Online Pawn Shops Lend Cash Fast

#2

Post by vsl2 » Wed, Dec 21, 2011, 5:42 PM UTC

Brick and mortar or online, still basically a loan with a very high interest rate (~36% in this case) while also putting up collateral worth more than the loan.

Only use these services in the most dire of financial circumstances. If you're in a situation where you have to pawn valuables, it may be time to start thinking about getting a normal job to reassess and regroup.

Re: Online Pawn Shops Lend Cash Fast

#3

Post by blacksqr » Wed, Dec 21, 2011, 6:00 PM UTC

Lend

Re: Online Pawn Shops Lend Cash Fast

#4

Post by teaspoon » Wed, Dec 21, 2011, 6:07 PM UTC

blacksqr wrote: post #3

Lend

That's a non-error:

http://public.wsu.edu/~brians/errors/nonerrors.html#lend

Re: Online Pawn Shops Lend Cash Fast

#5

Post by lisperforlife » Wed, Dec 21, 2011, 6:17 PM UTC

If you have to borrow at 36%, you are doing it wrong. You must consider your exit strategies or simply look for a job.

Re: Online Pawn Shops Lend Cash Fast

#6

Post by ohyes » Wed, Dec 21, 2011, 6:24 PM UTC

I'm reminded of a line from the producers: "Never invest your own money."

I don't see how one could make methodical and appropriate business decisions with the gun pressed to their head of potential financial ruin.

Re: Online Pawn Shops Lend Cash Fast

#7

Post by mattwdelong » Wed, Dec 21, 2011, 6:47 PM UTC

vsl2 wrote: post #2

Brick and mortar or online, still basically a loan with a very high interest rate (~36% in this case) while also putting up collateral worth more than the loan. Only use these services in the most dire of financial circumstances. If you're in a situation where you have to pawn valuables, it may be time to start thinking about getting a normal job to reassess and regroup.

I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate, and the article stated an industry average of 10-20%.

With that aside, I don't entirely disagree with your argument.

Re: Online Pawn Shops Lend Cash Fast

#8

Post by dangrossman » Wed, Dec 21, 2011, 6:58 PM UTC

mattwdelong wrote: post #7

vsl2 wrote: post #2

Brick and mortar or online, still basically a loan with a very high interest rate (~36% in this case) while also putting up collateral worth more than the loan. Only use these services in the most dire of financial circumstances. If you're in a situation where you have to pawn valuables, it may be time to start thinking about getting a normal job to reassess and regroup.

I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate, and the article stated an industry average of 10-20%. With that aside, I don't entirely disagree with your argument.

Interest on loans/credit is reported in terms of annual rate, not monthly. This loan at 3% per month is 36% per year. You won't find a credit card in the US at an interest rate that high.

Re: Online Pawn Shops Lend Cash Fast

#9

Post by showerst » Wed, Dec 21, 2011, 7:01 PM UTC

mattwdelong wrote: post #7

vsl2 wrote: post #2

Brick and mortar or online, still basically a loan with a very high interest rate (~36% in this case) while also putting up collateral worth more than the loan. Only use these services in the most dire of financial circumstances. If you're in a situation where you have to pawn valuables, it may be time to start thinking about getting a normal job to reassess and regroup.

I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate, and the article stated an industry average of 10-20%. With that aside, I don't entirely disagree with your argument.

OP had a 3% _per month_ rate.

Re: Online Pawn Shops Lend Cash Fast

#10

Post by mgkimsal » Wed, Dec 21, 2011, 7:31 PM UTC

showerst wrote: post #9

mattwdelong wrote: post #7

Earlier quoted context omitted.

I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate, and the article stated an industry average of 10-20%. With that aside, I don't entirely disagree with your argument.

OP had a 3% _per month_ rate.

I'm betting that 3% was compounded monthly too, so the net effect would be higher than 36% - probably north of 40, but I can't be bothered to do the math.