Do you think my reason for not investing in a business is stupid?

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I was asked last week to invest a check cashing business. The location and opportunity are really outstanding, but I turned down the opportunity because I said, "I am not interested in a business that takes advantage of the disenfranchised or downtrodden." I have always been steadfast in not getting involved in certain types of business that take advantage of people. Granted that is my perception.
 

Word.
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Nah, I'd never be able to live with myself either. You'd see some crazy sad shit in those places.
 

Libatards Suck
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In this day & time I think you made a very wise decision.
 

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It's your call
 

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I've gone in them several times to cash gambling MG

i literally feel sad for every person in there... I don't know how they ever catch up with those insane interest rates.... If I remember right these actually caught on after they had such success exploiting military
 

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you could always make it back by offering lower interest rates and attracting more clients to offset the loss on lower rates. help you sleep at night too
 

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Nah, I'd never be able to live with myself either. You'd see some crazy sad shit in those places.

You summarized my thoughts exactly. I mean charging people 200% on payday loans and 10% to cash a check. I am just not interested increasing my portfolio on the backs of those struggling.
 
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Have a friend that owns 3 of these places. Guy has more money than G O D

I could understand everyone's thinking. but they do have to cash their Checks somewhere. get their Money Orders, pay Bills

There are a Ton of people that Don't have Bank accounts, or just can't get one. So they need to cash those Checks.

My friend told me a story many years ago....

He had plenty of regular customers, and one day this old lady said to him, you need to help me.
My daughter gets her Check each month and because she doesn't have proper ID to cash her checks at his place of business, she goes to a guy that has a Crack Den and buys the check off of her ( don't know how he cashes them ) but he must have some type of scam.
Anyway.. she goes to him and she gets screwed on the Check, plus the mother is worried that the daughter is doing Drugs
My friend helped the daughter get a State ID from DMV ( she didn't drive or own a car )
so the Daughter get to cash her check at the Cash checking place.

I know this is not the Norm, and there are some Fuked up stories about Cash checking places. But they Need to cash their Checks.
 
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They do PayDay Loans ???

I don't think any of the places my friend owns does this.

also, I've never used one in my life
 

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My college freshman year I worked at one called Paycheck advanced in Nebraska.

We made most of our money loaning up to $400 every 2 weeks (you borrow $400 and pay $440 for that). The kicker was every 2 weeks you had to pay back the full $440 but people couldn't afford to so they paid $440 then we gave them back $400. And that cycle went on for a year for some of them meaning they paid over $2,000 for that initial $400. And we had over a hundred people like that every year, felt awful for those people.

Not to mention we had over a thousand customers that did it for a month or so.

Also the lady that ran it was the biggest **** too so I hated it for that reason too...
 

Sports Nut
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No, you have to feel good about what you do in life.
 

Rx Senior
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i have never been in the situation to need this so I'm no expert but i do not think you should feel bad.

Aside from a few rare instances, the people that frequent these places are grateful they exist. They need the money and they may pay high interest rates but that is because they are a huge credit risk. If they could get a better loan from the bank, they would. The worse your risk, the higher the interest rate and they know it. People don't start out getting money from the loan shark, that is when they have no where else to go.

People with no IDs because they may be illegal or hiding or whatever are glad because a bank or something refused their business or because they don't want to get deported.

All I'm saying is for the most part, people have a reason for doing what they are doing. No reason to feel bad. Every business makes money somehow.
 

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some check cashing outfits are public co's traded on major exchanges....absolutely nothing wrong with what they do...
 

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check cashing/payday loans/credit cards/mortgages/lending is just like gambling. The interest rate you charge is to cover the risk you are taking.

excellent credit = low juice
shitty credit = bigtime juice
 

I'll be in the Bar..With my head on the Bar
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They do PayDay Loans ???

I don't think any of the places my friend owns does this.

also, I've never used one in my life

some check cashing outfits are public co's traded on major exchanges....absolutely nothing wrong with what they do...

This and this. Payday loans and check cashing business are 2 different things although there may be some places that do both. Millions of Americans dont have bank accounts and cant cash checks anywhere else. These places are performing a service with again the caveat that their fees may be unreasonable....

I would also explain how 1 of the few actions taken by the entirely Dem congress in 08,09 was that great Finance Bill that was going to end the rip off of consumers by high interest rates.. It intentionally excluded these types of places from the regulations they passed on Credit Cards, etc. And the banks then tightened the requirements for credit, etc so tight that poor people have no access to the system and are then FORCED to use these other places where they will STAY Poor due to the int. rates. Really helped out the avg Joe didnt it..
I would tell you all that but that would be a conspiracy theory that will never come true so y bother....
 

I like money
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I was asked last week to invest a check cashing business. The location and opportunity are really outstanding, but I turned down the opportunity because I said, "I am not interested in a business that takes advantage of the disenfranchised or downtrodden." I have always been steadfast in not getting involved in certain types of business that take advantage of people. Granted that is my perception.

Sweet Baby Jesus...I would be all over this. You aren't taking advantage of people at all. People don't have bank accounts FOR A REASON! Dead beat dads, In the US illegally, credit scofflaws etc. And they should pay a premium for it! Why shouldnt you be the one to do it.

Why on earth would a normal respectable citizen not have a bank account and get free banking.


You know how you would sleep at night? On a huge bed, not good enough, buy some ambien.
 
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I'm really going to have to take notice the next time I pass a Check cashing place.
None in my hood... but I've seen them on the road plenty of times.

Really never knew they did Pay day loans.. lol
 

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