Cash Advance | Imamother

amother

Impatiens

Wed, Jan 12 2022, 9:53 pm

Dirty gray matter
And if can be avoided , it should . Dont be surprised if a deal is snubbed from him last second by owner after he did all the leg work .

amother

Stone

Thu, Jan 13 2022, 3:53 am

amother [ NeonYellow ] wrote:

You can make a lot of money but it all comes from killing someone slowly.

I don't know much about the business. How is it killing someone slowly?

amother

Magnolia

Thu, Jan 13 2022, 4:02 am

amother [ Stone ] wrote:

I don't know much about the business. How is it killing someone slowly?

Not physically. Emotionally.

Anyone who is taking a cash advance is doing it because they are desperate and can’t take a loan from a bank. Now he owes this money with the most insane interest. It’s a very bad place for a person to be in.
And then collecting the money from ppl uses lots of threats and other methods.

amother

Pink

Thu, Jan 13 2022, 4:04 am

I work in cash advance so can try to answer any questions you have. What type of position is he considering? There are a lot of different jobs within the industry and not all are good ideas

If you give more details or ask more specific questions I can try to help

amother

Pink

Thu, Jan 13 2022, 4:09 am

amother [ Magnolia ] wrote:

This isn’t always the case. A lot of businesses are able to take it, pay it off, and get back on their feet and not need another one. It’s high interest but that is because it is extremely high risk

And some have resorted to unethical collections methods, but not all of us have.

cupcake123

Thu, Jan 13 2022, 4:45 am

Dont know anything about this business and I'm sure theres a lot of yidden in it but fwiw I was listening to an episode of kosher money podcast and they had an a rav that deals with business shaylos and he kind of said this is a terrible business for a yid to be in comes with a pot of issues

Good luck!

amother

Stone

Thu, Jan 13 2022, 5:17 am

amother [ Magnolia ] wrote:

Let's assume they are desperate. They need it to prevent eviction or to fix the heat in middle of January.

How is not lending the money to such a person helping him? Yes, he's in a tough spot. But not having heat in January is worse.

amother

Violet

Thu, Jan 13 2022, 5:27 am

amother [ Stone ] wrote:

Because it creates a dangerous “debt trap” or “cycle of debt.”

From this article in Forbes: https://www.forbes.com/advisor.....ance/

“If you run out of money and you borrow against your next paycheck, you’re very likely to have a hole in your next paycheck,” says Saunders. “That will make it hard to make it through the next pay period without borrowing again.”

That spiraling effect can result from both earned-wage advances and payday loans.

allthingsblue

Thu, Jan 13 2022, 5:51 am

amother [ Stone ] wrote:

They should go to a gemach for an interest free loan. Not these crazy high interest rates!

amother

Stone

Thu, Jan 13 2022, 6:05 am

amother [ Violet ] wrote:

Of course. There are 2 bad choices. You're explaining why one of them (borrowing money on high interest) is a terrible idea. But you're completely ignoring the consequences of not borrowing the money.

Again, if the boiler is broken in the middle of winter and it will cost $1000 to fix. Is it better to let the family freeze half to death, or borrow $1000 on 20% interest? Please choose one. Don't only explain why borrowing is a "debt trap". Plz explain why a debt trap is worse than no heat in January.

amother

Stone

Thu, Jan 13 2022, 6:14 am

allthingsblue wrote:

They should go to a gemach for an interest free loan. Not these crazy high interest rates!

Good idea. I'm assuming they aren't able to borrow money from friends, family, or a gemach at 0%. People usually resort to desperate measures.....because they are desperate! Nobody chooses to borrow money at ridiculous interest because they think it's a good idea.

watergirl

Thu, Jan 13 2022, 6:19 am

allthingsblue wrote:

They should go to a gemach for an interest free loan. Not these crazy high interest rates!

amother [ Stone ] wrote:

Where I live, every gmach requires two cosigners for any loan, and both must live in the community and own homes. It’s generally advised not to cosign on any loan, gmach or otherwise unless the cosigner can afford to back it up, so it’s pretty hard to find them.

Sometimes people are desperate and see no other option.

Last edited by watergirl on Thu, Jan 13 2022, 6:20 am; edited 1 time in total