http://www.chicagonewscoop.org/payday-loan-bill-closes-expensive-loophole/?utm_source=rss&utm_medium=rss&utm_campaign=payday-loan-bill-closes-expensive-loophole Reporting and Analysis About What Matters in Chicago Wed, 08 Feb 2012 15:44:48 +0000 hourly 1 http://wordpress.org/?v=3.1.1 http://www.chicagonewscoop.org/payday-loan-bill-closes-expensive-loophole/#comment-5960 Stuart Thomas Mon, 12 Jul 2010 07:08:07 +0000 http://www.chicagonewscoop.org/?p=3621#comment-5960 i think..Dustin has make a very good point...They need to understand these are businesses trying to provide a service, and they should be compensated for taking risks on people no one else will lend to... i think..Dustin has make a very good point…They need to understand these are businesses trying to provide a service, and they should be compensated for taking risks on people no one else will lend to…

]]> http://www.chicagonewscoop.org/payday-loan-bill-closes-expensive-loophole/#comment-5959 Dustin Hughes Sun, 27 Jun 2010 10:58:09 +0000 http://www.chicagonewscoop.org/?p=3621#comment-5959 If anyone really took a good look at the service that we supply to our customers, you might view this much differently. Let me give you an example. You buy a bottle of water at any retail store. It cost about $1.50. How much did it cost to JUST make that bottle and put water in it. The answer is approx 10 cents tops. Explain to me where the other $1.40 goes. What is the profit margin on that? Why do you not regulate that company? The answer is all the cost that are involved to get it to the store. We are no different. We charge 400% for a loan. We have storefronts,employees,insurance,supplies,people that do not pay us back,attorney fees for default people,CPA's to handle our books, collection attorneys,contract attorneys,advertising. Need I say more. You have no idea what it cost to lend money to a person and it is a unsecured loan. People come to us because they have no other choice. You have no idea what it cost to run this type of company, but have no problem putting us out of business. Has anyone on your staff ever run a company, let alone a loan company? I pay my taxes so you can put me as well as our industry out of work. You should spend more time on fixing all the problems our state has. This decision is a joke. It continues to show what a bunch of uninformed people can do for a population of people that do not even vote. It also shows the people of Illinois where your priorties are. This decision is a joke, thanks for putting me out of a job. By the way, how will people with no credit or any assets get money. Why dont you give it to them at your interest rate. If anyone really took a good look at the service that we supply to our customers, you might view this much differently.
Let me give you an example.
You buy a bottle of water at any retail store. It cost about $1.50. How much did it cost to JUST make that bottle and put water in it. The answer is approx 10 cents tops. Explain to me where the other $1.40 goes. What is the profit margin on that? Why do you not regulate that company? The answer is all the cost that are involved to get it to the store. We are no different. We charge 400% for a loan. We have storefronts,employees,insurance,supplies,people that do not pay us back,attorney fees for default people,CPA’s to handle our books, collection attorneys,contract attorneys,advertising. Need I say more. You have no idea what it cost to lend money to a person and it is a unsecured loan. People come to us because they have no other choice. You have no idea what it cost to run this type of company, but have no problem putting us out of business. Has anyone on your staff ever run a company, let alone a loan company? I pay my taxes so you can put me as well as our industry out of work. You should spend more time on fixing all the problems our state has. This decision is a joke. It continues to show what a bunch of uninformed people can do for a population of people that do not even vote. It also shows the people of Illinois where your priorties are. This decision is a joke, thanks for putting me out of a job.
By the way, how will people with no credit or any assets get money. Why dont you give it to them at your interest rate.

]]> http://www.chicagonewscoop.org/payday-loan-bill-closes-expensive-loophole/#comment-5958 Tuesday morning roundup | chicago.rssible.com Wed, 23 Jun 2010 05:34:03 +0000 http://www.chicagonewscoop.org/?p=3621#comment-5958 [...] Payday Loan Bill Closes Expensive Loophole [...] [...] Payday Loan Bill Closes Expensive Loophole [...]

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