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Parent Emeritus
Meet my brother in law - our difficult family member - UPDATED UPDATE
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<blockquote data-quote="HereWeGoAgain" data-source="post: 102934" data-attributes="member: 3485"><p>Well, they loan a relatively small amount -- $100 to $500 -- and keep a personal check as collateral. At the end of two weeks the borrower either buys back the check or lets the lender deposit it. Or the borrower can pay the interest to roll it over for another two weeks. The interest is astronomical, like $20 per hundred borrowed per two weeks. in my opinion it's nothing more than loan sharking. These businesses exploit difficult children and also people with no credit or bad credit who face sudden emergencies such as major auto repairs. The customer/victim typically will rapidly get into a robbing Peter to pay Paul type of situation, piling up new loans to pay the interest to roll over old loans until it all comes crashing down.</p></blockquote><p></p>
[QUOTE="HereWeGoAgain, post: 102934, member: 3485"] Well, they loan a relatively small amount -- $100 to $500 -- and keep a personal check as collateral. At the end of two weeks the borrower either buys back the check or lets the lender deposit it. Or the borrower can pay the interest to roll it over for another two weeks. The interest is astronomical, like $20 per hundred borrowed per two weeks. in my opinion it's nothing more than loan sharking. These businesses exploit difficult children and also people with no credit or bad credit who face sudden emergencies such as major auto repairs. The customer/victim typically will rapidly get into a robbing Peter to pay Paul type of situation, piling up new loans to pay the interest to roll over old loans until it all comes crashing down. [/QUOTE]
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Meet my brother in law - our difficult family member - UPDATED UPDATE
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