You own 100k at 2% interest rate per week(compoundable)[Business Thread]

[germ]

Wow...what a ridiculously stupid loan to take.

[collegeboobies]

What is his other financial situation? Does he have a business? How is personal credit. Its doable to get it paid off but he'll have to earn some money as well

[collegeboobies]

If the guy can get a 2nd loan from the loan shark, he can easily sell drugs. Hell $50k worth of pot in california is worth twice or more on the east coast.

[Evil E]

Originally Posted by collegeboobies

If the guy can get a 2nd loan from the loan shark, he can easily sell drugs. Hell $50k worth of pot in california is worth twice or more on the east coast.

That is highly illegal. I wouldn't recommend it.

[collegeboobies]

Originally Posted by knew

That is highly illegal. I wouldn't recommend it.

AND SELLING A KIDNEY OR LOAN SHARKING IS NOT? most likely the guy is dead within a month

[$5 submissions]

Originally Posted by WiredGuy

That's an illegal interest rate in most places, 104% interest, he's nuts for even agreeing to such a rate.
WG

What he said!

[L-Pink]

Business thread my ass. What was the 100 g's for? Even loan sharks don't put that kind of money out in one lump sum unless there is collateral worth much, much more. What details are you holding back or is this all bullshit?

[V_RocKs]

I would assume it was for a loan on gambling.

[shake]

Like the other poster said - if you're dumb enough to get into that mess, you're not smart enough to get yourself out. At least not legally... I would say either run to another country and don't come back - or talk to the person you owe the money to and see what you can do to work off the loan.

[xmas13]

Originally Posted by shake

Like the other poster said - if you're dumb enough to get into that mess, you're not smart enough to get yourself out.

Maybe he had his suitcase stolen?

[JohnnyJames]

Here's an idea that MIGHT work. For real.

Depends on some things, like a decent work history, a halfway decent credit record, a willingness to scam some scammers who cannot fuck you later, and a sincere ability to play dumber than shit.

First, I NEVER advocate doing anything illegal, but this sound slike there might actually be a LIFE on the line. If that is the case, I don't accept that you can attach a monetary value to anyone's actual life.

so. . .

Got a girlfriend? Got a best friend? Got a mother or father or cousin or sister? Anyone who is willing to take a fall WITH you to settle your ridiculous debt. Keep in mind, you will owe this person your very fucking existence if this succeeds. And I hope to God you change the way you "acquire capital" after this.

1. Approach the person in question. Explain the situation with utter honesty, even if it makes you look like shit, which it probably will. No one gets 2% weekly interest on 100 g's by playing in the nice world.

2. BEG THEM, with everything you have, to SAVE YOUR ASS.

3. Use a combination of their credit cards, and all the ones you need to apply for. Apply for them RAPIDLY so they don't spot the ruse. Gather as many as you can as quickly as possible. MAX THEM OUT. Cash advances. Load up the money as fast as you can.

4. Pay the loanshark.

5. Pray for time, because you HAVE your life.

6. IF this is in the USA, you generally can expect to not hear from the card companies for 6-9 months, other than threatening letters and phone calls. Beyond six months, your chances (and your conspirators) of facing a bankruptcy court successfully will rise dramatically. I have clients who have done similar things. And lasted YEARS before they needed to file for bankruptcy.

You will be unable to get a loan from any bank or credit of any sort for 7-10 years, depending on some circumstances. Same for your partner.

BUT, you will have saved a life, potentially.

In bankruptcy court, profess that you were just doing what you HAD to do to settle a debt, or claim you gambled it. Stick to your guns, or risk prison.

I am going to be hammered for this post, but honestly, fucked up or not, I do NOT see how a dollar amount can be placed on a LIFE. Not worth it.

Then, if the shit settles, and you actually survive all this, CHANGE YOUR FUCKING LIFE.

Good luck

[Ron Bennett]

Assuming your friend is in the U.S. ...

If he'd maxed out his credit cards / credit lines and has no real assets, the worst that would happen is shitty credit scores for a long while and lots of annoying collectors to deal with for the next few years, since some will still try to collect discharged / negotiated debt from a bankruptcy; was an article in last weeks Business Week about that unethical practice.

However, if your friend owes money to "bad guys", then likely the only realistic option is for him to MOVE FAR AWAY ... as in across the country (or even to another country), change his name, break off contact with relatives, etc for the next several years, or likely even longer.

Getting law enforcement involved, in some limited instances, may work ...

On a related topic, credit card companies, etc can often legally charge "loan shark" rates (30%, 100%, and even more!) by taking advantage of various loopholes, such as operating from South Dakota and other select states that have no limit on interest charged by credit card issuers...

However, personal loans from one person to another in many states are limited to around 10% annual interest.

Good luck - sorry no easy answers when one borrows money from "bad guys" ...

Ron

[Evil E]

Thanks for the ideas guys. Please keep it up.

Originally Posted by Ron Bennett

On a related topic, credit card companies, etc can often legally charge "loan shark" rates (30%, 100%, and even more!) by taking advantage of various loopholes, such as operating from South Dakota and other select states that have no limit on interest charged by credit card issuers...

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.

[JohnnyJames]

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.

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.

[jtpornstar]

A "Broken Raffle" is just the thing here.
1. Find a highly expensive and desirable object, but one that's broken/non working/fucked ie Apple G5, some latest must have gadget.
2. Buy it...it'll cost pennies.
3. Put it for sale by raffle. Find some nice pics/links. Say "Perfect Condition", "New", blah,blah.
4. Sell tickets @ a cheap price.
5. Send to winning ticket holder....who'll tell you it's fucked.
6. Send him his ticket money back.
7. Pocket the rest.
8. Rinse and repeat.

[Evil E]

Originally Posted by jtpornstar

A "Broken Raffle" is just the thing here.
1. Find a highly expensive and desirable object, but one that's broken/non working/fucked ie Apple G5, some latest must have gadget.
2. Buy it...it'll cost pennies.
3. Put it for sale by raffle. Find some nice pics/links. Say "Perfect Condition", "New", blah,blah.
4. Sell tickets @ a cheap price.
5. Send to winning ticket holder....who'll tell you it's fucked.
6. Send him his ticket money back.
7. Pocket the rest.
8. Rinse and repeat.

Is it wrong if I find this funny?

Anyways I have to give you points for creativity as I would never have tought about this.

[Evil E]

Originally Posted by JohnnyJames

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.

From their FAQ:

How much does it cost? 10% of the amount advanced, plus a $1 state fee. For example, if you receive a cash advance of $100, you will write a check for $111.00 for us to hold until your next payday.

[Matt 26z]

Option 1: Get a home loan from a legit source and then sell the home and use the cash to pay off the loan shark. I don't even know if that's allowed, but I suspect he would never be approved anyway if he had to get it from a shark in the first place.

Option 2: Take a job working in Iraq or Afghanistan for a private security firm. This pays huge money. Since he saw nothing wrong with getting $100k at 2% per week, he may also consider this option to be less of a risk than the average person.

[JohnnyJames]

Originally Posted by knew

From their FAQ:

How much does it cost? 10% of the amount advanced, plus a $1 state fee. For example, if you receive a cash advance of $100, you will write a check for $111.00 for us to hold until your next payday.

Yep. that's the building. In Tampa. Steaks here suck more dick than BoyAlley by the way. not that there's anything wrong with that, of course, unless you are advertising "world class steaks". Penthouse club is right down the street and they suck ass also, at least this version of the club.

The 10% thing on their FAQ is maybe true, don't know as I have never had to resort to that kind of thing. I have a lady friend who DID use them, whose effective rate is much much higher, in the 235% range. My suspicion is that the rate is 10% if you walk in the door, and for every day past their specified "normal range" rises a bit more.

[JohnnyJames]

And a "State fee"? Legalized theft I say.

How much IS going to political campaigns. . .

I am sure no one involved would like to provide answers to THAT question.

[2HousePlague]

There's room for all opinions on that subject.

[DEA - banned for life]

do what pauly walnuts would do.....

Fuggedaboutit

[Shoplifter]

There is a very simple solution for your friend. These guys will not do a credit check and do not care about your past.

Take a look here: Total Credit Solutions

[Retributi0n]

Crab fishing up in Alaska in Winter. One of the most dangerous jobs in the world but you can make like 30 grand in 2 weeks

[Adultnet]

you will need much luck to get out of this good

[Evil E]

Originally Posted by Shoplifter

There is a very simple solution for your friend. These guys will not do a credit check and do not care about your past.

Take a look here: Total Credit Solutions

Hehehe I saw a full doc on that army. I wonder if they are as elite as they say.