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Payroll loan prospect for investors 5% / month, 60% / year

#11 User is offline   Admin 

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Posted 23 June 2010 - 05:03 PM

Firstly, if anyone read my post, I stated, "If you are interested in doing this, please contact me directly, via email: paul (at) kitakits (dot) com or cebu (at) livingincebu (dot) com". That is why I am only now replying here.

Secondly, the idea is to offer those who are paying higher rates to others, simply stated, a lower interest rate to pay. It's saving them money on what they are presently paying out. After all, we won't stop them from going somewhere for the money, so a group who wish to try to ease the financial burden of those higher rates. That is the only reason I am even posting this here.

Basically, the monies put in by the investors will be in a pool, and then distributed to a list of clients, not just to one person. So, let's say one person defaults on his or her loan, the investor may lose a small portion of his or her investment, but not all. To lose all of your investment, every client here would have to basically default on their loan. I don't see that happening. It isn't a ponzi scheme, only advance payouts on the salaries of employees. Right now, these employees are paying much higher rates and they are looking for lower interest. That is what is being offered to them.

Now, I will say, if you have no interest in this whatsoever, please refrain from posting in this thread. This thread is for those who are interested and who simply want more information.

Thanks,

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#12 User is offline   JTS 

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Posted 23 June 2010 - 05:12 PM

A fool and his money are soon parted!


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#13 User is offline   Admin 

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Posted 23 June 2010 - 05:34 PM

JTS, you apparently did not read my last post? If you are not interested in this, then there is no reason for you to post in this thread.

Incidentally, we are not talking about tons of money to invest here. This is a small scale deal that we are trying out, mainly to see if it will work. This is a total investment, possibly by a number of people, in blocks of Php 5,000. That is a little over $100 USD per block.

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#14 User is offline   JTS 

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Posted 23 June 2010 - 06:19 PM

No I read it! Why would it be a problem with me expressing my opinion? If I had agreed with you would it still be a problem? What forum rule did I break? The don't disagree with the admin rule!



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Posted 23 June 2010 - 06:55 PM

I posted asking those who were not interested to not post. It wasn't like rocket science. But, you had to post again being a smart ass about it, and now you are banned.

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Posted 23 June 2010 - 07:14 PM

I may be interested to invest.

Lets talk this weekend when I am drunk !

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#17 User is offline   SteveMatrix 

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Posted 23 June 2010 - 07:21 PM

Paul,
Are you looking to open up a retail brick and mortar Payday loan business whereas clients would come into the store and request a small loan until their next payday? I have some background on this if you need some advice. Incidentally, the payback method on these loans is typically done by personal check and checks for the class of people that would take out payday loans here doesn't really exist.

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#18 User is offline   booger10 

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Posted 23 June 2010 - 07:43 PM

View PostSteveMatrix, on 23 June 2010 - 07:21 PM, said:

Paul,
Are you looking to open up a retail brick and mortar Payday loan business whereas clients would come into the store and request a small loan until their next payday? I have some background on this if you need some advice. Incidentally, the payback method on these loans is typically done by personal check and checks for the class of people that would take out payday loans here doesn't really exist.


The only experience I have with this is the open vendors that buy from wholesalers and distributors. They come by, front the product (usually food) and collect the money the next day. What I have learned is the 5/6 payback. That is 20% a day payback, and yes is cash, I don't think they have checking accounts either. This is in Iligan City.

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#19 User is offline   mattwilkie 

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Posted 23 June 2010 - 07:48 PM

Paul could be interested in this as well..

loan sharks.. i love it when people put that sort of stuff up yet don't even understand local economics. Going rate for a lot of localised loans is 20% per month with added risk of penalties. At the same time nobody tells people to borrow the money and often there is risk of default. Now what is scandalise if people are jumping on the band wagon today is Kiva.org who push the fact they lend your money at 0% to help the poor when if you spend a bit of time reading their trading partners information (which are the micro banks you can find here) are charging interest of up to 40% on the interest you just lent for 0% thinking your helping people out in a charitable way. Goes to show that Charities will always = corruption and if you want to do something good you had better just be business minded and do as you CHOOSE with YOUR money. We could end up in a long debate but would go off tangent on how things like raiding countries for medical staff until they have a skeleton staff left for themselves is fine yet loaning people money isn't. Or as David took a moral high ground on how bad high interest loans are yet then states :-

I am actually earning 5%pm on Php1M that I invested with a local Family business for a 6 months 'term', as they wanted to take advantage of increase in rice and sugar price hikes and increase their profits drastically by increasing shipments four fold.

What do people think they do with money they don't eat it directly and if David is making 5% no doubt the family are making at least another 3/5% on stocks that people actually do eat.

This post has been edited by mattwilkie: 23 June 2010 - 07:56 PM

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Posted 23 June 2010 - 09:18 PM

View PostSteveMatrix, on 23 June 2010 - 07:21 PM, said:

Paul,
Are you looking to open up a retail brick and mortar Payday loan business whereas clients would come into the store and request a small loan until their next payday? I have some background on this if you need some advice. Incidentally, the payback method on these loans is typically done by personal check and checks for the class of people that would take out payday loans here doesn't really exist.


First, I am not the one doing this. I am helping a friend, basically, by getting others who may be interested in making some money (more than you will in most markets, currently) on their investment. Opening a full service shop is not what they have in mind, because then you are talking about going up on interest rates in order to cover your overhead.

One of the primary reasons (other than him making some money too, of course) they considered doing this was, to help lower the interest that these same people are paying out currently. If he saves one employee Php 50 per week, that is a start isn't it?

Just for the record, I make nothing, nada, zero, wala, off anyone else's investment. I get no kick backs, no commissions, no nothing. I will make exactly the same thing everyone else will, if they go into this.

So, if people want to give it a try, great. If they don't, then that is fine too. I'm not trying to twist anyone's arm here. I am only offering something that would be a much better investment, in my mind anyway, than others I have even been involved with in the past.

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