What was that ole Loan place called?

[FilletMaster]

Hey guys, asking for a friend. No seriously, lol. There used to be a running joke on here of some crazy interest (native American perhaps) loan place when your at your last resort. Anyone recall it, know the name?? Was a website link I remember clicking on here. Chit was insane. Thanks in advance!

[shocka1212]

[funnyb25]

Guy is buried and can't admit it

[Cuse0323]

Interest was insane. Find a loan shark instead.

[FilletMaster]

Yes that's the funny part. Feel like it was 20k payback 36k lol or in that ballpark. And no I'm not buried, my friend has a 10 year slot addiction that finally wiped him. Out of loan sharks ans credit. Sad but true. Whether he takes the loan or not I'm so curious as the name of the place, on top of my tongue. Always seen in here. Too funny

[USCPHILLYGUY]

Guy w a Jake Plummer avatar doesn’t need a payday loan

here ya go pal

https://www.ispot.tv/ad/7AfA/western-sky-financial-problem-solver-loan

https://www.fool.com/investing/general/2015/05/19/western-sky-loans-are-no-more-but-we-can-all-learn.aspx

[FilletMaster]

Guy w a Jake Plummer avatar doesn’t need a payday loan

here ya go pal

https://www.ispot.tv/ad/7AfA/western-sky-financial-problem-solver-loan

https://www.fool.com/investing/gener...all-learn.aspx

lol yass western sky thats it rip.. 10k repay over 60k (i was way off) thats tufff

thanks much, was killing me name of the place

classic

rest assured, jake da snake is alive n well

[Cuse0323]

Hopefully he wises up and doesn’t take out a damn loan from a place like that. At least I can say I never got in that deep, damn.

[mrpapageorgio]

Was it this? I remember laughing at this commercial because they at least admit the interest was outrageous.

[MinnesotaFats]

I got a small chain of these

2 points for closing, 2 points a month!

26%, yr on yr. Got guys paying interest only on loans for 5 plus years

[BigJay]

How many people default on these loans? Has to be 50% or more. How do you stay in business loaning to folks who obviously can’t repay in the first place?

[kidcudi92]

Unreal

[MinnesotaFats]

How many people default on these loans? Has to be 50% or more. How do you stay in business loaning to folks who obviously can’t repay in the first place?

Nope

New technology allows ACH at 301 am day of deposit, and generally users cannot access their account to withdraw funds till 501 day of deposits

So, limit the loans to people who have *************** from work, city, county, state, fed, child support, etc...

Or lend to known check cashing customers

Truth is the Hispanic borrowers don't default, they generally are an honest hard working class of people. The black women default by closing checking accounts....I honestly haven't had a credit worthy black male customer in several years so....

Default rate low teens. Package and sell quarterly to Diversified (collection agency) for 40 cents on dollar, take write off

[eaglesfan371]

Nope

New technology allows ACH at 301 am day of deposit, and generally users cannot access their account to withdraw funds till 501 day of deposits

So, limit the loans to people who have *************** from work, city, county, state, fed, child support, etc...

Or lend to known check cashing customers

Truth is the Hispanic borrowers don't default, they generally are an honest hard working class of people. The black women default by closing checking accounts....I honestly haven't had a credit worthy black male customer in several years so....

Default rate low teens. Package and sell quarterly to Diversified (collection agency) for 40 cents on dollar, take write off

Debt companies will pay 40 cents on the dollar for payday loans? That seems surprisingly high. Bad credit owners generally do not fix their credit for awhile.

[MinnesotaFats]

Well yeah i mean were dumping hundreds of loans a year to these guys.... im sure we are given credit for being consistent and good customer.

Joe schmo probably getting 25 cents on dollar