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

#61 User is offline   Baldy 

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Posted 26 June 2010 - 11:35 PM

View Postcaloy, on 26 June 2010 - 11:27 PM, said:

View PostBaldy, on 26 June 2010 - 11:16 PM, said:

View Postcaloy, on 26 June 2010 - 11:08 PM, said:

These people will not to those who charge 20% lenders if they have other options. They cannot borrow from banks and what they are loaning is very small amount that banks won't even bother. People do this because they need cash pronto and they can't wait for several days processing and paperwork. Some borrow to pay for electricity, rent, or to buy important stuff like milk and diapers. One fact is, they need money and they are WILLING to pay the interest. By giving them a lower interest option, the investors are helping them save a few pesos from interest which they can spend on important things. It might be "immoral" for some when they see people charge interest, that's a valid feeling though it won't solve the need for these people to find a lender. If we just close our eyes and do nothing then people will still be paying an onerous rate of 20%. For me, it's more immoral to do nothing unless you want to give your money to people for free. ;)


Ok, I get it.

What You are saying, its better to pay 60% annual than 20% mnthly.

I have NO PROBLEMO to see this.

BUT whatever You say, that is taking advantage of the poor.


In some people's definition "taking advantage of the poor" = Business

And it doesn't happen only here. Anywhere in the world, people are taking advantage of other people. These people are just unlucky that credit card companies here in the country is a bit strict in giving out credit cards. Subprime earners are not gonna get credit here not even a cent so they turn to informal channels like the Indians (bombay) and some Filipino 5/6 comps.

For your way of thinking, this is how it will look like "it's the lesser evil". ;)


I am an open minded person.

I even smoke maroccan when it was leagal, hehehe (was never legal you know)

Jokes aside, who wouldn't take advantage of that interests? whu?

Peace, Im not a warmaker. I'm just openminded asking the moral legal backing to do so?

A strong body makes the mind strong. As to the species of exercises, I advise the gun. While this gives moderate exercise to the body, it gives boldness, enterprise, and independence to the mind. Games played with the ball and others of that nature, are too violent for the body and stamp no character on the mind. Let your gun therefore be the constant companion of your walks. — Thomas Jefferson

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#62 User is offline   caloy 

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Posted 26 June 2010 - 11:49 PM

I know... this one is a healthy discussion. Someone has to play a "devil's advocate" to arrive to a better idea or solution. ;) Cheers!

check out my blog on Cebu:

http://caloycebu.blogspot.com/
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#63 User is offline   booger10 

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Posted 27 June 2010 - 01:21 AM

View PostAdmin, on 26 June 2010 - 10:15 PM, said:

Here is something for the naysayers

My link, click here!


WOW.. just WOW!! :kidding:

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#64 User is offline   Alan S 

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Posted 27 June 2010 - 03:45 AM

In the UK we've had credit and store cards charging 30%, 40%, 50% and more. Mostly American banks, who had no previous presence in the UK and have used that "niche" of the market.

I have known of genuine deals that made much higher percentages, and know people who have made lots of money with them.
I prefer a modest return and minimal risk, which is why those guys are far wealthier than I am.


But, if the amount required is so low that I wouldnt miss it, then it is worth considering.

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#65 User is offline   Markham 

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Posted 27 June 2010 - 08:08 AM

Paul,

I am very interested in taking-up the remaining 10k.

However I would like to make one point which is that those who advance these loans at much higher rates of interest are not going to take too kindly to a 'new kid on the block' stealing their business by offering significantly lower interest rates. If anything untoward happens to your friend, the investors could also lose-out. So does he/she have good personal protection?



Mark

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#66 User is offline   A_Simple_Man 

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Posted 27 June 2010 - 09:19 AM

May I suggest, to those like Baldy who think the interest rate is too high? Is there some reason why you cannot set up your own investment group and charge less? My point being that it is not being done, thus the rate of 60%pa is the fairest available. I am curious about the tax issues here. The way lending businesses like this are set up in the Phils I believe the tax people here take 20% off the gross? Unless this is under the table? I am interested either way but since it seems the original 60K is committed to then I shall wait to see if there is a phase 2.

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#67 User is offline   richard90027 

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Posted 27 June 2010 - 09:37 AM

I'm already doing this but I get 10%. With a 40,000php investment I no longer have to send my wifes mother $100.00 a month, it's self paying.....

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#68 User is offline   Elinel 

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Posted 27 June 2010 - 09:59 AM

View PostMarkham, on 27 June 2010 - 08:08 AM, said:

Paul,

I am very interested in taking-up the remaining 10k.

However I would like to make one point which is that those who advance these loans at much higher rates of interest are not going to take too kindly to a 'new kid on the block' stealing their business by offering significantly lower interest rates. If anything untoward happens to your friend, the investors could also lose-out. So does he/she have good personal protection?

Mark


Im afraid you fall back in thinking PI is a miniwest – and you've to watch the mafia …… im not saying this thing is not possible to happen but you have to understand and knows how the money flows in the lower end of PI to understand pauls new venture. There is more risk in defaults and insider job than mafia in this case. As long as whoever is running the scheme knows exactly what he is doing, things can easily be prevented. All monies scheme are risky anyway. For a starters theres a lot of chance of mugging for that cash your carrying (?!) around. And you certainly don't moved in someones else turf. That's a sure sign of signing your death warrant. Letting the people come to you is acceptable – moving in someone bailiwick is dangerous business. So, if you know that there is already a scheme in operation for those offices, you don't go openly soliciting their clients. You let the clients come to you! But it goes without saying never ever leaves your back unprotected ………

Besides, the money were talking here are relatively small to attract the big boys. Now, if these scheme become very successful …….. your guess is just as good as mine……….

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#69 User is offline   Markham 

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Posted 27 June 2010 - 07:47 PM

View PostElinel, on 27 June 2010 - 09:59 AM, said:

View PostMarkham, on 27 June 2010 - 08:08 AM, said:

Paul,

I am very interested in taking-up the remaining 10k.

However I would like to make one point which is that those who advance these loans at much higher rates of interest are not going to take too kindly to a 'new kid on the block' stealing their business by offering significantly lower interest rates. If anything untoward happens to your friend, the investors could also lose-out. So does he/she have good personal protection?

Mark


Im afraid you fall back in thinking PI is a miniwest – and you've to watch the mafia …… im not saying this thing is not possible to happen but you have to understand and knows how the money flows in the lower end of PI to understand pauls new venture. There is more risk in defaults and insider job than mafia in this case. As long as whoever is running the scheme knows exactly what he is doing, things can easily be prevented. All monies scheme are risky anyway. For a starters theres a lot of chance of mugging for that cash your carrying (?!) around. And you certainly don't moved in someones else turf. That's a sure sign of signing your death warrant. Letting the people come to you is acceptable – moving in someone bailiwick is dangerous business. So, if you know that there is already a scheme in operation for those offices, you don't go openly soliciting their clients. You let the clients come to you! But it goes without saying never ever leaves your back unprotected ………

Besides, the money were talking here are relatively small to attract the big boys. Now, if these scheme become very successful …….. your guess is just as good as mine……….


Elinel

As Paul has already mentioned that the lender will retain the borrowers' ATM cards, the risk of defaults on loans should be small. Of course, a dishonest borrower could simply report their ATM card is missing or stolen and have their bank cancel it.

The other risks you mention are all very valid and should be borne in mind by any (potential) investor. Remember the Golden Rules:
  • Don't invest more than you can comfortably afford to lose.
  • The value of your investments can go down as well as up.
  • Spread your exposure - and thus your risk.


Mark.

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#70 User is online   locktite 

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Posted 27 June 2010 - 11:12 PM

Typically the high interest rates reflect the high risk. If it was a rip off the market would provide a lower cost alternative, as in this case where the existing loans are being given at a rate that the new loans will in fact under cut.

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