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Phil Surtees

Phil Surtees

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May 20, 2007
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In the geometry stacks
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Phil Hill Surtees
Jesus coming to Calypso
and he will appear on the steps of the "bank" , scourging the moneylenders!!

Holy crap, 49% apr? That's not even legal, where I live. Even the pawn shops and "title loan" shops are held to lower rates. Using a credit card at 21% is way more attractive.
As a group, we must indeed be an unsavory lot of high-risk bums, if this an indication. I understand the "bankers" are risking their own money, but so does everyone else in EU.
I'm NOT complaining (this is a commentary), I understand this is a voluntary participation thing, but it is also looking like a predatory lending scheme that people should approach like, well, an areanotrox stalker or maybe the Deathstar.
The 2 pec decay got a strong reaction. This is way more than that.
 
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Indeed. I cannot see for the life of me why someone would even consider raising money from one of the pawnshops. If you're going to gamble the money on a big HoF then it makes more sense to fund it from your CC as you say.
 
Funny. I just checked Alabama law, and it said 25% of the principal per MONTH. I won't be using the "banks" anyhow.

Here's a link.
 
its 49% per annum... thats yearly... isnt it?
 
Joser said:
Funny. I just checked Alabama law, and it said 25% of the principal per MONTH. I won't be using the "banks" anyhow.

Here's a link.
Click to expand...
Your link refers to outdated legislation.
Payday loans are limited to approx 17%
The Alabama small loan act of 2003 limits small loan interest to 24%.
 
Phil Surtees said:
Your link refers to outdated legislation.
Payday loans are limited to approx 17%
The Alabama small loan act of 2003 limits small loan interest to 24%.
Click to expand...

That's still per month, isn't it? 24 x 12 = 288. I'm fairly certain these would fall under small loans as they're customizable. They're definitely not "payday loans."

edit: Nevermind. There's a difference between small loans act and alabama pawn shop act. Two different laws. Small loans are less then $1000 and are essentially signature loans. Pawn shops have something held in collateral. These fall under the pawn shop act. ;)
 
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Joser said:
Your link points to the small loans act. It was enacted in 2003. The Pawn Shop act isn't superceded by it (that I can tell), and the latest revision I can find on it is 1992. Here's the link to that.
Click to expand...

Thanks for the info, and for defining these "banks" as pawn shops, at least as far as what we have seen so far. I guess I was misled by the word "bank".
Maybe MA should use the phrase "loan institutions" , instead of banks.
Anyway, it is an evolving process, we shall see what happens.
 
Sorry to revive an old thread, but I see that the bank that got me started on this has dropped the rate to a perfectly acceptable level, and I applaud the owner for that.:tiphat:
 
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