Cash The Checks

A blog about online entrepreneurship, finance, business and making that money.
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Paycheck Advance Companies
Thursday August 03rd 2006, 10:58 am - Category: Business Ethics

I see these commercials on TV all the time. They always seem to come on local television around 11AM-3PM. I never see them on at any other time. It seems like they’re trying to target people who are at home being lazy instead of working, apparently. All I see in these commercials is the promise of easy money (and Gary Coleman).
Since I’ve never gone to one of these companies I’m not sure how the process works, but I do believe you give them your bank information, you probably need to show them some recent paycheck stubs, who knows maybe they want some collateral too.

I can’t help to think that they take advantage of the poor by lending them money and then charging them an extremely high interest rate. But I guess that’s the American way.


1 Comment so far

Cash Advance businesses are using the loopholes of lending. They can charge 30% or more on loaned money because there is no real regulation or caps like mortgage loans. Its the same with Title Loans. It was a great business to build 5 years ago, but the market is pretty saturated now. Sure, upstart and risk is high, but the reward far makes up for it.

fkj
moneyvelocity.com

Comment by fkj 02.07.07 @ 12:06 pm


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