No credit checks..

[OldFaithful]

Payday loan places fall on both sides of the moral coin for me.

Me too.

I don't think it's a good business model for me personally, but then I don't "we" should legislate everything "we" dislike out of existence. It would seem that many people choose to voluntarily engage in this business practice. They must prefer this option to their other choices.

My personal preference is that we let people choose, and we let business owners serve their customers in the manner that seems best to them...unless they commit violence, theft, or fraud. Then the courts can punish that person for their specific violation of another person. Otherwise, let the marketplace drive low value providers out of business.

 

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[jmomcc]

On one hand, it's a fair deal. You want a high risk loan this very second? I take the risk. You pay me back. Fair deal. Hell most of these places even charge pretty damn reasonable loans if you pay back on time ($300 for $20 is pretty common around here, that's less than 10% interest).

I think, or it was explained to me at least, that that $20 is the 'fee' and not the actual interest. The interest you pay is separate. The examples given to me were that generally you would pay up to double the amount of a $150 loan after fees were taken into account. That keeps you on the hamster wheel of getting a new one next time as you now need it. I can't find a good real life example of the rates in canada though.

 

[grindmode]

This happens everywhere though and something I have been thinking about lately.

If you go to the airport in some foreign countries, the prices of the meals can range from $15-20. I know for a fact that the added value of burger king shouldn't be $5 a hamburger, but the airport makes it so and they prey on other's need for the food.

Companies do this with warranties in the hope that you will be 'stupid' enough to buy and then they will not have to pay. They choose statisticaly chosen dates outside of when it actually breaks and sets their warranty term for the safe period.

The airplanes play on your NEED for a flight and fluctuate the prices based on when they can get you for the most money. An airline like Spirit will also try to upsell you on everything possible to make more money in this way.

Is all this moral or immoral? I don't know. I know that it doesn't make me feel good if I were to sell something to someone else and I think they are worse of for my doing so. But this is the nature of many, many businesses.

There are "life coaches" right now selling fake webinars, getting UpWork contractors to write all of their content, and are subjectively (in my eyes) providing little value to the people who they are "serving". But value just is that. It is subjective. What one person deems valuable is different from what another person deems valuable. So while I think smoking is F*cking dumb and should be outlawed, there are millions that would fight me for that privilege so that they can pay money to destroy themselves. Is it right or wrong? Maybe it's just humanity.

THIS!!!

I have extreme problem rambling while never relaying my message or thoughts across to others...

YOU said exactly what I FAILED to relay in ANY of my previous post in this thread!

 

[Waspy]

Two pages in and still not an ounce of value was seen.

Exploitation isn't added value and sure as shit isn't fastlane (in the true sense of the word).

 

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[Striver]

Again, I am not on one side or another but BUSINESS IS DIRTY... Maybe not "business idea's or people here" but let's think about place's like FoxConn... That sweet shiny new iPhone or smartphone everyone is in love with in made in a factor WITH SUICIDE NETS, F*cking SUICIDE NETS, to catch the miserable overwork slave labor... BUSINESS IS DIRTY.

I have no further to say.

Perfect case of misleading news stories. FoxConn had a policy in place that they would pay the employee's family 100,000 Yuan for suicide. Once other employees found about this, they started doing the same thing, for the benefit of their family. Hence the nets, and the eventual termination of that policy...to curb the suicide attempts.