Follow up to the money question, from a few days ago.

SSI · Oct 28, 2005

150k in cash, want to make 2% monthly with it..

got a few interesting ideas but have decided to open a cash advance business, within the convenience store that i own..

you guys wont believe the return on your money this does..

Loan $200, payback $220 (and im being generous here) in 2 weeks.. but of course you dont want them to pay you back, simply bring you $20 and roll it out for 2 more weeks..

unreal return...

lostitall · Oct 28, 2005

Don't forget to deduct the cost of bullet-proof glass.

BaseballGuy · Oct 28, 2005

SSI said:
150k in cash, want to make 2% monthly with it..

got a few interesting ideas but have decided to open a cash advance business, within the convenience store that i own..

you guys wont believe the return on your money this does..

Loan $200, payback $220 (and im being generous here) in 2 weeks.. but of course you dont want them to pay you back, simply bring you $20 and roll it out for 2 more weeks..

unreal return...

What a scummy buisness. What about the people that never pay you back, and close their checking accounts? Ya so you file charges... You still don't get your money.

SSI · Oct 28, 2005

guys, ive owned a convenience store for 10 years, i take in countless checks each day.. i am well aware of everything..

the people will pay, they must have a checking account, most had rather pay you $20, than to have their bank to charge them $25 and then court costs, and then they still pay you, sure it may take 6 months... believe me, i know everything there is to know about this.. I am in a very small town, around 30,000 in the entire countyl...

BaseballGuy · Oct 28, 2005

SSI said:
guys, ive owned a convenience store for 10 years, i take in countless checks each day.. i am well aware of everything..

the people will pay, they must have a checking account, most had rather pay you $20, than to have their bank to charge them $25 and then court costs, and then they still pay you, sure it may take 6 months... believe me, i know everything there is to know about this.. I am in a very small town, around 30,000 in the entire countyl...

Risk seems higher than the reward.

Say you get 50 people a month. A generous number, considering there are lots of pay day advance companies.

So thats 20*50= 1000.00 a month profit.

Say just 10 percent don't pay.. That's a loss of $1000.00 which means you make nothing. If more don't pay you are screwed. Remember these people don't have the money even having a job. What makes you think they will have it the next week?

SSI · Oct 28, 2005

ok guy here is what you do.. they dont have to have the $220, all they have to have is $20.. most of them can come up with $20.. the catch is that you dont want them to pay you in full, you want the $20 every 2 weeks... no way 10 will default on you,, remember i deal with this rif-raf on a daily basis..

you are holding a check, post dated (or no-dated), if they dont come, simply call their bank on friday, see if check is good. if not run it through and they are picked up on bad check and will pay at courthouse, who in turn pays you. thats worse case scenario,, believe me, this is an absolute goldmine..

BaseballGuy · Oct 28, 2005

SSI said:
ok guy here is what you do.. they dont have to have the $220, all they have to have is $20.. most of them can come up with $20.. the catch is that you dont want them to pay you in full, you want the $20 every 2 weeks... no way 10 will default on you,, remember i deal with this rif-raf on a daily basis..

you are holding a check, post dated (or no-dated), if they dont come, simply call their bank on friday, see if check is good. if not run it through and they are picked up on bad check and will pay at courthouse, who in turn pays you. thats worse case scenario,, believe me, this is an absolute goldmine..

When you say picked up.

99 percent of states do not prosecute for post dated checks.

Good Luck with it.

SSI · Oct 28, 2005

the check wont be post dated, when you turn it in... i will simply date it and turn it in through my convenience store--as though they had wrote me a bad check,,,

most cases they pay you the $20, roll the check 2 more weeks, then one day income tax return comes in and they pay you in full,,, only to start the process again..

i collect on bad checks all the time, sometimes it takes longer than others..

WorldNumberOne · Oct 28, 2005

how much have you spent on baseball bats , crow bars and brass knuckles ?

those office supplies have to be tax deductable...

BaseballGuy · Oct 28, 2005

SSI said:
the check wont be post dated, when you turn it in... i will simply date it and turn it in through my convenience store--as though they had wrote me a bad check,,,

most cases they pay you the $20, roll the check 2 more weeks, then one day income tax return comes in and they pay you in full,,, only to start the process again..

i collect on bad checks all the time, sometimes it takes longer than others..

Ya too bad it's still not a crime since you have knowledge the check is not good when it is presented.. You will probably say you didn't know either way.. Well the prosecuter will ask you what the check was written for.. Then you are screwed. Trust me.

Look up the law.

WhoDat++ · Oct 28, 2005

:hump: scumbag, praying low income folks. NICE

SSI · Oct 28, 2005

you never have to go to court, so there is no explanation,, listen in tenn here is how it works..

i get bad checks all the time in my current business..

get bad check in mail:

a. call person (person doesnt come)
b. send registered letter to person (they now have 10 days to come)
c. after 10 days take the check to courthouse.
d. person is then picked up and goes before judge to work out payment option.
e. few months later, courthouse sends you money in mail.

almost like child support check..

this is not praying on low income, they beg me for credit all day long anyway... gas, cigarettes you name it...

they cannot walk into bank and borrow $200. you provide a service for a fee...

if they write check on closed account, that is even better.. that is an automatic arrest, no letter or anything has to be sent..

world, like i said, i am in small community and I have plenty of friends.. if you know what i mean..

WorldNumberOne · Oct 28, 2005

i wasnt attacking.. just making one of my many silly jokes..

you know i'm your friend ..

good luck .

BaseballGuy · Oct 28, 2005

SSI said:
you never have to go to court, so there is no explanation,, listen in tenn here is how it works..

i get bad checks all the time in my current business..

get bad check in mail:

a. call person (person doesnt come)
b. send registered letter to person (they now have 10 days to come)
c. after 10 days take the check to courthouse.
d. person is then picked up and goes before judge to work out payment option.
e. few months later, courthouse sends you money in mail.

almost like child support check..

this is not praying on low income, they beg me for credit all day long anyway... gas, cigarettes you name it...

they cannot walk into bank and borrow $200. you provide a service for a fee...

if they write check on closed account, that is even better.. that is an automatic arrest, no letter or anything has to be sent..

world, like i said, i am in small community and I have plenty of friends.. if you know what i mean..

No one is being "picked up" from passing you a bad check for a payday loan. Atleast not in tennessee. And if so, you are lying to the prosecuter's office.

Tennessee Code
Section 39-3-302

3) This subsection shall not apply to a post-dated check or to a check or similar sight order where the payee or holder knows or has good and sufficient reason to believe the drawer did not have sufficient funds on deposit to his credit with the drawee to ensure payment.

http://www.attorneygeneral.org/tenbad.html

SSI · Oct 28, 2005

i know buddy..

guys, i have a friend that works in this line of business in my town,, she also handles my WU's to these books.. she has me caught up on all the ins and outs of this.. you call their bank on friday (or their payday) and ask if check is good.. if its good, you go right then and deposit it..

the place where my friend works, has about 200 clients, the owner there is making around $2,000 per week, they charge $230 for $200..

SSI · Oct 28, 2005

Baseball GUY,,, you dont even get them to date the check, ill run the check through my convenience store,,,,, it will have nothing to do with a payday loan...

they have simply wrote me a bad check at my store..

bigbet1234 · Oct 28, 2005

Why not just bonus whore for 6-8 months, and more than double the 150K without all the hooplaa? $150K, u can do some damage.

BB

BaseballGuy · Oct 28, 2005

SSI said:
Baseball GUY,,, you dont even get them to date the check, ill run the check through my convenience store,,,,, it will have nothing to do with a payday loan...

they have simply wrote me a bad check at my store..

Dude that borders on illegal. You have to tell the Attorney's office what the check was written for. Are you just going to lie to them and say for merchandise?

It could also be looked at as you circumventing the usary laws on unfair interest.

Anyway if you make money that's cool. Just telling you how it is.

SSI · Oct 28, 2005

i dont know man, thats just not me.. guess i dont want to trust the offshore with 150k..

baseball guy,, i already own the convenience store, i am simply going to offer this to my existing customers.. doubt i even run an ad or anything, i wont have too.. just tell them about it and slowly build my customer base up..

i know all about the exact laws on bad checks in tenn.. i have done this for 10 years already.. (handling the bad checks) that is..

SSI · Oct 28, 2005

baseball guy, you are still not getting it.. i have filed many checks over the last 10 years and never once have i even been to court of seen a DA..

my wife simply takes them and files them with the girls that work there, they are then picked up and work out a payment plan before the judge..

however if you lose one -- every once in a while thats ok...

i have hassles all day long with the public already, but i cant shut my store down, people write me bad checks now, people shoplift and drive off with gas, people beg for credit.. that is simply part of it, but the money i make,, more than makes up for it..