Skip to main content

Maybe I'm just out of the loop and the problem is worse than I think. But my question is that..How many of these places do we need? Are they really making that much money there?

Driving down Woodward I counted about 13 between second street and sixth street. We don't have that many McDonalds in the Quad city area.

If any of you own one of these or work there, are they really making that much money? I never really see anybody other than the employee inside the building.
"A word for the wise ain't necessary; it's the stupid ones that need the advice." Bill Cosby
Original Post

Replies sorted oldest to newest

I think these places should be against the law. Several years ago I knew someone who was pawning the title to his car every few months and as soon as he got that loan paid off, he would pawn the title again. They have to know what these most of these people are doing with that money. He has stopped doing that after going to rehab, but he still gets letters every week from some title company trying to get him to come back in.
I assure you they read people like a book when they walk in. I know a girl that used to work at one a while back and she could tell some stories. My fave was ....

a guy that came in with a piece of junk car that wasn't worth anything in the Blue Book anymore and she said she'd give him $100. Instead of recognizing that his car, even though it ran, had no value. He got offended at her offer, so he jerked up his title and said, "These places are crooks. I'm gonna run for Sheriff and the first thing I'm gonna do is shut all these places down." OK, there were 2 things wrong with that statement: #1 -- if these places are crooks and need to be shut down -- why are you here wanting to get money for your own title? #2 -- this place was in the City so the "SHeriff" has no jurisdiction over this place -- that would be the FPD.

Needless to say it was quite entertaining.

I don't know that Title Loan places are as bad as the Check Advance places. I used to have employees that would do the check advance and go from place to place and get money on that same paycheck stub and then wouldn't be able to pay the loan back...
Last edited by DixieChik
quote:
Originally posted by meme260:
quote:
#1 -- if these places are crooks and need to be shut down -- why are you here wanting to get money for your own title?


Because when they are wanting money to get drugs, they don't care where they get it.



Apparently you have never been in one of these places -- you would be surprised who you know that frequents these places...cops, bankers, college students and yes drug addicts...

Now go back and read the funny story that went with that #1 ... it is very ironic....don't ya think...(sorry chanelling alanis for a moment...)
Sorry, Dixie, I didn't mean to sound like I was trying to be smart. It's just that the person I was talking about was going there to buy drugs and booze. I know everyone is responsible for themselves when they do things like that, but it seems like the title loan companies make it so easy for them sometimes. I am sure that encounter some real characters in those places.
quote:
Originally posted by meme260:
Sorry, Dixie, I didn't mean to sound like I was trying to be smart. It's just that the person I was talking about was going there to buy drugs and booze. I know everyone is responsible for themselves when they do things like that, but it seems like the title loan companies make it so easy for them sometimes. I am sure that encounter some real characters in those places.


I didn't think you were being smart -- and I too think there are too many of these places in our are, but I just figured you read the points and not the rest of the story. My house was broken into a few weeks ago and they got anything that was of value and the cop replied "most likely a druggie needing to score". In other words, they took my stuff to the crack house or to the pawn shop...so in my opinion, I'd rather them pawn their title than to break in my house...now when they pawn the title and can't pay back the loan and then break into my house to pay their drug debt...I'll have more issue with title loan places, but for now, for some they are a necessary evil.

What I thought was funny about her stories is the people that got high & mighty were too ignorant to realize the irony of their words with what they were doing. She had some great stories though.

I agree with TSC though, those places hurt the property values...etc...
CJTL, it is a cycle. Say you pawn your title to place #1 for $100 and with a buyback of $110. Well it is coming time to pay off the note, and you don't have the money. The fee is going to be an extra $25 if you extend another month.

You can go to place #2 and they'll buy your title from place #1 and you pay them back $120. Then of course, you don't have the money at the end of the next month, so place #3 will buy it from place #2 and you pay them back $130, but they need $20 from you up front to carry the deal. Sweet. $20 and you get to keep your car. See how this is going?

The same desparate people make the rounds at all of these sort of places so there is really enough business to keep them all going strong. They feed off of each other and they feed of off the desparate people who need some quick cash.

It isn't all druggies. It is single moms who don't have any sick/vacation/PDO left and had to stay home with a sick child, plus pay a $20 co-pay, and fork out $60 for Rx's. Now her check is short 8 hours and she needs $150 to pay the power bill and these type of places are the only option. It is college kids living on ramen and peanut butter who need $100 to get their 1978 Pinto fixed so it will run for one more semester. It is the guy trying to make ends meet on $12 an hour with a wife and kid to support who needs some extra money to buy his kid some clothes.

These places are a symptom of a bigger problem.
TSC ,Im glad you set it straight that its not only druggies that use those places . Sometimes working MOMs dont have the money to get milk or medicine so they have to go there . Not everybody has family to turn too in hard times.

And the Repo man goes hand in hand with these folks too. lol I know first hand ,Ive went to repo a few times myself .
Pull up Yahoo Maps, Google Maps, MSN Maps, or your favorite mapping website. I'll use Yahoo.

Title loan and cash advance stores within 10 miles of:

Florence: Title Loans=23 Payday Loans=21
Madison: Title Loans=2 Payday Loans=5
Huntsville: Title Loans=27 Payday Loans=19
Gadsden: Title Loans=10 Payday Loans=11
Birmingham: Title Loans=18 Payday Loans=14

I used the same search terms in each city and these are the results. I realize some Title Loan places also do Payday Loans and vice versa. But by using the same terminology, I think the errors should be the same across the board.

Looking at that data, I think you can assume that Florence has more per capita than other areas.
quote:
It isn't all druggies. It is single moms who don't have any sick/vacation/PDO left and had to stay home with a sick child, plus pay a $20 co-pay, and fork out $60 for Rx's. Now her check is short 8 hours and she needs $150 to pay the power bill and these type of places are the only option. It is college kids living on ramen and peanut butter who need $100 to get their 1978 Pinto fixed so it will run for one more semester. It is the guy trying to make ends meet on $12 an hour with a wife and kid to support who needs some extra money to buy his kid some clothes.

Sooooo true! I'm a single mom of 3 AND a full-time student. So far i have been blessed enough to make it, but many times I've looked at those places knowing they might be the only thing keeping my power on another month till I graduate.
I am amazed, just as CTJL said that there are soooo many of those places.
Here's my story on payday loans:
When I was 18 I got a payday loan to renew my car tag. I paid it off-end of story...so I thought.
Fast forward nine years later. I receive an ugly letter telling me that I owe them money, threatening me, etc. I call them about it and explain to them that I do not owe them money. I have them fax a copy of the check. (I was wondering if someone stole a check from me.)
The check was not even my name but apparently someone walked in and gave them my name to get a payday loan. This company didn't check their ID or even look at the name on the check before re-opening my "account"! Many tears & one police report later, the company "waved" the charges.
It makes me so nervous that this could happen again. Why do they not have policies in place that could prevent this? (Such as asking for ID when getting a new "loan".)
Firedancer, there are safeguards in place now for the payday loans, not sure about the title places. I know a Manager of one of the Chain loan places, and a owner of a locally own place and they both tell me that they have so much regs now that the state. For instance, they have to have copies of all IDs. They also cannot loan more than $500 at one time. State law only allows a max of 2 loans and no more than $500 combined. They then enter your name in the databank and before they can loan you money, they must check or they can be fined big time. State Auditors checks books on a suprise visit. Rumor has it that one place here in the shoals has been hit by a inspection 4 times in one month.

Now to play the devils advocate here. Lets say these places are Chocolate Stores(my addition). Some can argue that chocolate is bad for you, causes obesity which runs up insurance and healthcare cost. Lets say we decide to get rid of them for the good of society and only have one or two. Which ones do you keep, who would be entitled to stay in business and if you had to money to open one, is it right someone telling you that you can't because the market is already flooded? That is what I like about the Capitalism. If the market will support it, don't limit it. If it makes it great, if it fails, NEXT.

Now back to the problem I see. These places don't pay nothing but a business license. from my understanding, there is no sales tax on their services therefore the city that they operate in doesn't get any revenue. I think we need to tax them heavy.

Add Reply

Post

Untitled Document
×
×
×
×
Link copied to your clipboard.
×