Yeah I get notices from the GM dealer that they need my G6 and also get notices from Acura. I get lots of other mail too telling me to refinance, get a reverse mortgage, give to the Indian School in SD, and buy life insurance. Its just so much advertising. We used to figure cold calling would return 1-2%. So if you made 100 calls, you’d get one or two buyers. Tough way to make a living.
I think it is evident we have two schools of thought here that are probably never going to change their mind set. I’m all against fraud and I’m actually all against usurous lending rates and pay day loan places. I understand that means that some people will just never be able to get a loan because they are too risky. No good answer. But Minneapolis/St. Paul schools spend over $11,000 per person for high school and still have very poor graduation rates, absenteeism, students beating teachers up, and on and on. Its not money, it’s leadership and the clientele IMHO.
We have to understand that there is a percentage of the population that will just only deal with bottom feeder businesses due to culture or whatever reason. That’s just who they deal with and even if they could qualify, they’ll never go to a bank or credit union, and maybe don’t even have an account. It’s just foreign to them. Remember the NO flood and the problems trying to help those folks? If no one did business with pay day loan places, they wouldn’t be in business. Just like drug dealers. There wouldn’t be any if there wasn’t a market.
So put me on the fence. Limit conditions and interest rates, try to teach the bottom 10%, but after that let them fail on their own and maybe learn something.