Imagine just for loaning money you get 19% interest. That's more than most banks pay!
The highest I know of what banks pay is 12.5%
and that's Credit Union not bank! Also banks want all kinds of questions answered.. just for loaning money! Say you loan $75 and you get it all back plus 19% on top of that that would be
$94 you'd make a profit of $19 just for trusting the borrower? (Never loan money without a written Guarantee!)
2006-09-19 07:16:22 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
A coop has the idea to accept small amounts of loans.. most people can afford to loan $75 and would welcome any extra money! If one loaned the money then they'd get the interest. 19%.
If one used credit to loan that's foolish!
It's not the lack of money.. it's the idea of
increasing the cash flow.. it's a win-win for both concerned. If one wants to loan a larger amount that's welcomed too! The Cooping For People thought people would jump at the offer to make
free money without working! (You can't make money with credit cards cause they charge you not give you interest!)
2006-09-19 09:59:59 · update #1
A coop has the idea to accept small amounts of loans.. most people can afford to loan $75 and would welcome any extra money! If one loaned the money then they'd get the interest. 19%.
If one used credit to loan that's foolish!
It's not the lack of money.. it's the idea of
increasing the cash flow.. it's a win-win for both concerned. If one wants to loan a larger amount that's welcomed too! The Cooping For People thought people would jump at the offer to make
free money without working! (You can't make money with credit cards cause they charge you not give you interest!)
2006-09-19 10:00:16 · update #2
I wasn't talking about charge any Principle. I wasn't talking about me loaning money. I was refering People Cooperating. A person loans $75 out to some one else and gets it pack plus $19 more. That's not charging principle
That's not bilking anyone. It's just plain simple loaning for investment. The idea came from Peoples Coop that's how they started there store. Yes some of the Loaners chose to work in the store too for even more money! Coop For People is just trying to do what Peoples Coop did. Small amounts because most people won't miss a small amount
of money. Why are you people so stupid talking about principles and bilking
when those weren't even mentioned? I'm just asking about is there anyone who'd loaned money for 19% reward at the end of the 13th month? No scams, No bilking, No charges, How can that be made any plainer?
2006-09-20 01:52:01 · update #3
seems a good idea :)
2006-09-20 06:04:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. It's the principle over the amount. Sure I'd like to do it at a higher rate, but that's not too bad, especially if you're helping others out too!
2006-09-19 19:27:38 · answer #2 · answered by Yada Yada Yada 7 · 1⤊ 1⤋
Well most credit cards are 19-24.99 % APR, unless you have good credit. If they have bad credit and can't get a credit card with a rate lower than 19 % APR then I would have no problem taking that offer.
2006-09-19 07:26:16 · answer #3 · answered by jeremy_Grewal 3 · 0⤊ 1⤋
I really am interested in who would need to borrow 75.00 for over a year? If they dont have 75.00 now, why would you think they will have it in 13 months....??
2006-09-19 07:29:48 · answer #4 · answered by cappy 3 · 0⤊ 1⤋
no, that's bilking the consumer, and some states are signing legislation to prevent people from doing that.
2006-09-19 07:19:09 · answer #5 · answered by pknutson_sws 5 · 0⤊ 2⤋
There is no way a lawyer is going to collect a $75.00 Bill.
2006-09-20 11:44:54 · answer #6 · answered by Anonymous · 0⤊ 2⤋
NO... for I prefer to do MUCH larger amounts.
2006-09-19 07:44:41 · answer #7 · answered by Kitty 6 · 2⤊ 0⤋