Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

See my previous comments...

7%  a week? Thats a legal form of loan sharking, & people have spent years in prison for that crime. I think its called usury in the Bible?

Well the same could be said about any loan then!  

They don't make anyone come in the door!

They didn't make your car break down, or what ever unexpected circumstances that happened. 

A "short term loan is just that"! It's no different than a bank making money on your home loan, or a camper loan, or any loan. 

You can borrow $1000 for a week for $70 bucks!  You can't even start a credit card with a $1000 limit for less than $99!!!!! 

Same with a bank. 

They don't hold a gun to your child's head n say pay up or they "get it"!  

Hell I'd be willing to bet 1/3 of the customers never repay one penny! 

I'm not sticking up for Chuck Brennan.  But the general public was in fact "dupped"... 

Same thing happened in Oregon. Only the cap was 150% and the local lenders still pulled out. Had a proven negative effect on the loacl economy down the road. 

I guess my question is, as I understand the fact that I would do anything necessary to keep my family safe. 

Say your considered a high risk loan. Denied at the bank. No family to help. No where to go.

And now there's no quick payday lending

Now Where do you turn? 

One thing you have to remember. 

It's short term lending. 

They don't have all the credit checks,2yr work history, ect and documentation that a bank would require to get a loan. 

It's quick. It's easy. Prove u gotten a check for the last couple weeks. And they will help u bridge a short term gap.  That's what they're there for.  

Well, you're right.

 But nobody forced Chuck to leave the state & give up his business. He could have adjusted his interest rates to the legal limits & continued to "help" people. So I guess quick $$ was his real goal, not helping

"Well, the same could be said for any loan then"

No, there are reasonable loans that help people buy cars & homes & then there's usury, which is usally defined by law.

I'm certainly grateful for the credit card that allows me to travel to races, & even tho I think interest rates are too high, I can afford to pay it, & its not a necessity. People using payday loans are usually desperate

& the other thing to think about is that these financial institutions can borrow money from the Fed at less than 1%, but loan it back to us at 10-20% or more on cards, or in Chuck's case, 346%.... legalized theft?

My radical idea is how about the Fed loans to CITIZENS at 1%... gigantic economic stimulus? (oh wait, that would cut out the bankers & payday loan guys..... never mind

Have you ever gone to your local bank and asked to borrow $500 for 7 days?   I'd be curious what their response would be....verbally and financially speaking. 

I get it. They'd say no, of course

This is where illegal loan sharks & legal payday lenders come in. The voters just adjusted the border between the two. Chuck could have chosen to adapt to the new rules, but figured it wouldn't be profitable enough

So he closed the racetrack?

And we're supposed to feel sorry for him?

The funny thing is the voters thought they were really approving something here.  FACT anyone in SD can still go get a short term loan for the same interest rate as they were getting it with DLC.    FACT what SD will lose is the jobs and the taxes paid by DLC and other entities.  If there is so much money to be made on these loans, I would guess we should see new businesses popping up to take the place of the ones closing their doors. Right??

I'm not trying to defend the short term industry or Chuck, I just think the public should know all the facts and not just what the squeaky wheels say.

Fact, we still have a race track for sale.

Runge 28 gets 'it' and explains it in terms that most should certainly understand. He uses the word "dupped" which is being very kind when in fact the plain and simple truth is: out government shut down a business that was operating within the laws set forth by the state of South Dakota. Government infringement upon the private business sector is something that should not be allowed. If we continue to let the people, who are 'dupped' by slick propaganda, vote on issues why should we elect people to go to Pierre to enact legislation?

Was it legal for Chuck to be in the business that he was/is in being a short term money loan lender? Answer is yes it was and still is just at a lower interest rate set as the max. 

However, is it ethical? That is when you get into a matter of public/society opinion. I see both sides of the arguement. On one side yes more people need to be more responsible with budgeting, spending money, being motivitated to be educated to not be in those positions, and working. On the other side, shit happens in life. Companies can lay off/fire someone at any moment, illness happens, death in the family, divorce, student loans, bills pile on out of no where and options can become limited and some times these places are useful. 

Other side of the argurement as far as Chuck goes, I have no problem with someone making money and trying to make as much as they can make within reason. However, their is a balance between profiting from the business and "PROFITING" from the business. I am sorry that I am Not sorry for Chuck having the bill being passed. You can call it "do gooders" "bleeding hearts" whatever but enough people by majority came out to vote and speak and told that community it was not acceptable to charge more than 36% interest (not apr from my knowledge but 36% interest in a 7-14day time span) for a short term loan. Chuck will not be going hungry, he probably will not go broke, you will not see him on the streets begging for food so again I do not feel sorry for him.

As far as Husets/Badlands, I do feel sorry for them. Great track, great history, great fans I'm sure and they do not deserve what is going on. Hopefully someone does buy it and whether they race saturday/sunday wednesday hopefully it is successful and hopefully they cooperate with other facilities like all other tracks do for the good of the sport in general. 

So 76% of the citizens in SD are idiots in your mind? So much for intelligent republicans. lol

Government had nothing to do with it. The PEOPLE of the state of SD did. Obviously the citizens of that state have morals or at least good character.

Payday lenders are helping NO ONE. You know how many meth heads & drunks take out loans at those places? Hell, wouldn't doubt one bit that the rumors of drug dealers washing their incoming cash flow in those places isn't true.

So tired of the people sticking up for something corrupt, cause it's legal.

If I lived in SD, I'd feel good about it. Too bad that many other "legal", corrupt practices can't get voted out or changed by the American public. Duped, not hardly. But hey, I don't believe that being poor is a crime, nor do I think people want to be poor, but than again what do I know I play the lottery.

"Gimme fuel, Gimme fire, Gimme that which I desire!"

There was another ammendment on SD's ballot that got on with "slick propoganda" but somehow the citizens of SD didn't get duped on that one. lol

Maybe the SD citizens are more intelligent than you are giving them credit for?

I like my neighbors. ;

"Gimme fuel, Gimme fire, Gimme that which I desire!"

As a matter of fact that other piece of legislation you are talking about, the so-called Marsys Law, did indeed dupe the uninformed voters and now faces a lawsuit from law enforcement agencies statewide and will probably be repealed by the state legislature later this month. Like the payday loan measure the Marsys Law duped the voters who did not understand or take the time to do a little research to see exactly what would happen. I am a certified OB (old bastard with my 80th on the horizon) and I have lived long enough to see government at its best and government at its worst. Any time, ANY time that government sticks its nose into a private business saying they can do a better job you better get a firm,FIRM grasp on your wallet. Examples? In the early 1970's, maybe 1971, Ted Kennedy D-Mass stood on the floor of the senate chamber and said (and these are his EXACT words) "The profits of the oil companies are obscene and any firm that makes that much profit will be taxed accordingly" Important to remember that 45 or so years ago we were all paying less than 50 cents for a gallon of gasoline and it might have varied in different parts of the country. Kennedy was a man of his word and the 'government' imposed an unheard of nearly 40% tax on the profits of oil companies and called it a 'windfall profit tax'. Now here we are in 2017 and the profits of oil companies is once again huge maybe even obscene but the big difference is, thanks for the 'government' intervention, we are now paying well over two dollars for a gallon of gasoline as we have to pay for that tax the 'government' imposed to teach those nasty profiteers a lesson. That readers is government at its very worst just like the Marsys Law and the payday loan measure. Any of you may respond to this in any manner you wish but it is fact and I am finished and tired of this ongoing debate.

I  don't think anyone here is "sticking up for something corrupt."      I think some are simply saying that it is understandable for a business owner to shut down his business if he doesn't see it as profitable. Really, what is wrong with someone who owns his own business, Feels that it is not profitable enough for his liking moving forward, and he closes the doors?    Someone also  made the comment about how if Chuck really wanted to help people he would keep his DLC business open.   REALLY?!?   

76% of voters voted for the bill.    My guess would be 98% of those 76% have never taken out a payday loan, nor ever needed a payday loan.  

I think blazer and ford and shakenbakeless work for the Russians.  Who in turn hacked the voting machines in SD to get this bill passed, so chuck would fold, the track would be sold, and You could have Saturday's again   (All in fun....don't jump all over me. I never once talked negative about Knoxville ever). 

No they didn't force him.  They just said we're going to take 91% of your income away. Operate on .69 cents profit per $100. 

The 76% we're just dupped.  They didn't understand that the cap would take away the operating funds. 

The fact that Badlands ENT group was funded through DLC is an epic fail. 

I do believe that the folding of the pawn shop and the race track are only doing so because they were SO far away of being profitable under the business plan they had in place. 

If they had been successful or had any success, doubtful they would be closing. 

His vision just didn't fit his customer base. 

I do not feel sorry for Chuck or Any of them. They did a piss poor job of making sure the public knew how the loans ACTUALLY worked, rather than the PoS  do-gooder crusader Hildebrand skewed and make sound much worse than it actually is. 

Business is for profit. It can be PROFITABLE and HELP at the same time. 

Your local church, ECT is Not. They have specific and special benefits on many levels banking, and tax related because they're not for Profit. They CAN HELP without profit.  

Short term lendings goal is make some money and help bridge a gap. 

If you have a revolving credit line with collateral it is not a problem.  

Can borrow short term money for 5% APR with the interest due once/year.

Can get money advanced over the phone.

You said it.... With Collateral.

With Collateral, and a good credit score, and a 2 yr work history, and 2 year's tax returns....

You will still have to pay $99 origination fee. 

I'm not a fan of payday lending, I do think the fees charged on these loans are too high.

But the new seems to make it so that it simply can be profitable. Part of the reason why you see these extremely high interest rates is because they're calculated on an annual basis where most payday loans are extremely short term. Even if you lent someone $100 and charged him $10 with the loan being fully repaid in 2 weeks, that APR would be around 250%. I think the new law forbids anything over 36%, which makes the whole enterprise fairly pointless to do business in.