DISQUS

Dy · 2 years ago

I recently had a discuss with some friends about how we should start a loan sharking business. The returns sound great because most people wouldn't pay off the loans on time and the interest alone would be considerable. But I thought about the moral implications of making someone akin to an indentured servant and I just couldn't do it.
Chris · 2 years ago

Wow! Seeing all the numbers lined up really brings it home. A 7 year loan for $5k and you end up paying over $21k. Incredible.
mapgirl · 2 years ago

Dy, try Prosper.com. It's not as usurious as loan sharking, but still beats a high yield savings account. :-D
plonkee · 2 years ago

I've had junk mail advertising loans with 147% APR. In my case, I think they actually are loan sharks with a letterhead.
Ian @ FamilyFinanceBlog · 2 years ago

Wow! I've always known that those rates had to be awful, but I never realized how awful they were. It's a shame we live in a culture where people probably get these loans for the large screen TV they need RIGHT NOW, not realizing it will cost them 4 times as much.
Moneymonk · 2 years ago

Paying almost 4 years on a 1,000 loan. No thanks.

By the way, I have seen that commercial and we all know Gary is broke.

I have to hand it to him, he still trys to make a quick buck here and there.