Quote:
Originally Posted by knew
Thanks for the ideas guys. Please keep it up.
There's another way to "legally" charge that kind of interest rates: Set up an a shop that converts cheques for money. When the guy walks in, he will give you his cheque. You just give him the value minus a %. That's pretty much a high % for a couple days. But there's a high risk in it.
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There is a company here that does that, named Amscot. Very successfully, it seems. They have branch outlets all over. I was going to dinner the other day and saw a new office tower that must have covered a total of 3 million square feet (no idea what that is in Km, for my non-US friends). The massive neon sign on the side of the building read "Amscot".
They have found a way to make the "risk" work totally in their favor, in spite of state government professing "outrage" at 300% effective interest rates.
I bet they contribute heavily to political campaigns here.