But if you absolutely must, avoid doing business with Check Into Cash and the owner of Check Into Cash, Mr. W. Allan Jones. This company is the absolute epitome of greed and ignorance.

Check out the following article written by Gary Rivkin entitled, “Portrait of A Sub-Prime Lender.” This article pretty much tells the shameful truth about W. Allan Jones and Check Into Cash:

http://www.huffingtonpost.com/gary-rivlin/portrait-of-a-subprime-le_b_602182.html

Payday loans are not the topic of discussion. I suggest you continue it on my post where I ask are companies that make payday loans bad? I’ll be happy to continue it in it’s rightful place. It doesn’t advance the discussion of MonaVie (unless of course you can’t discuss that anymore).

The key word you used was “legalized.” They are legit businesses and don’t “prey upon borrowers.”

Regarding MLMs, you may have missed comment #88, “I’m not against MLM businesses for things that can be measured objectively (Tupperware, Mary Kay, etc.).”

You caught me, I’ve really spent years writing things like How To Save Money (there are links to dozens of ways to save money that I have written).

These lenders prey upon borrowers who are down on their luck. These businesses know that majority of their customers get in a vicious cycle of borrowing they can’t get out of.

I’d would remove these links from your site. That is unless, you are really a MLMer that is looking to create a community of financially desperate people seeking solutions. I see your angle.

So at least I learned a lesson: never report income unnecessarily if you can’t pay the tax, especially if it’s a small and non-obvious amount.

There was some mortgage lender which advertised that you are more than your credit score. I guess I’m not more than my credit score.

Also, for many people, a payday loan is the best and most economical choice they have. For example, when comparing the cost of a $200 payday loan – approximately $30 – to the cost of a late credit card payment (approximately $37) or a bounced check (NSF plus merchants fee average around $54), a payday advance is the best alternative. Also take into consideration that the average bank overdraft charge is $26.90 per check, regardless of the amount of the overdraft. And, isn’t an overdraft really just a short term loan from the bank?

When consumers need short term financial assistance, they should be allowed to look at all of their options and make the choice that is best for them.

Only people who know you in person can have confidence in criteria beyond numbers. The best way to build credit is through a personal network — someone who trusts you either cosigns a loan with you or loans you money via prosper/circlelending/etc so your repayments show up on credit reports. Or give you a small amount of money for you to deposit at a credit union to get a secured loan. Or add you as an authorized user on their CCs (but not give you a card) and then take you off 3 months later leaving their repayments on your file.

Evil, stay away. I don’t know how these people live with themselves.

Peace
DT
http://www.debtingthomas.com

So I guess reporting your income is a big mistake if you can avoid it.

Which leads to another question: why should my honesty (in reporting my income) make me a greater risk than a dishonest person who avoids a tax lien by not reporting income?

If a 10% profit margin a nicely profitable bottom line, then something is missing.

I’d say that yes, earning min. wage, without credit, and having credit problems (which I’m assuming is in the form of a debt) translates to a great risk to me. Is it bigger that someone overspending? I’m not sure about that, but then again, I don’t know how a company is going to quantify your spending habits.

I have managed to buy a small amount of US silver coins for appreciation and hedging (I have been bullish on silver and gold, and can’t afford gold).

I have learned that a person can walk into a pawn shop with an overpriced piece of jewelry (retail markups are enormous) and get a loan, but if you walk into a pawn shop with good old US silver coins – hard money – they’re not interested.

What’s up with that?

My credit collapsed due to a specific (if prolonged) event. Am I somehow a greater risk now – earning min wage, without credit, and therefore not spending beyond my means – than is a person who is overspending?

One thing I learned is not to volunteer a tax liability you can’t pay if you can get away with it – all it does is unnecessarily wreck your credit. Report the income and pay the tax later when you can, but don’t dig yourself a hole now you can’t get out of.

And I don’t believe there is a 40% default rate. We’ve had newspaper articles here on payday loans and they say a lot of people roll over the loans several times and only a few ultimately default. And all those rollovers (on which the interest is paid) add up to a nicely profitable bottom line.

http://www.cashcall.com/General/Rates.aspx

Let’s do some further math based on the 40% default number for payday loans. That means a lender who has absolutely no overhead at all (no rent, no employees, no internet, nada), interest charged has to be 75% at the minimum to meet the typical 5% online bank return. Add in basic business costs and now it’s 125% rate. Add in minor business profit (otherwise, just leave it in stocks bonds savings) and you have 150%.

If you want to borrow money at better rates, you need to improve your credit score where people stop grouping you with the 40% defaulters.

I have a friend who shuts down hospitals that don’t meet certain health standards. I always wonder if it’s better to have a bad hospital or no hospital at all.