Comment 118737

By Jake from state farm (anonymous) | Posted May 21, 2016 at 10:06:06

As an owner of a company let me share with some facts;delinquency is 30 to 45% and write off run about 8%. I do offer loans at 59.9% but to very few people as there is virtually no return.
I tell my staff not to over extend people and that the real issue. Most customers have 3 or 4 loans. If you borrow 50% of a pay cheque 4 time how do you get out of the cycle? You don't they find a fifth place to give them money. It needs to be mandated that a person can't have more than xxxx loans.
You can regular store fronts all you want but on line lenders are becoming a huge problem, we had a client with 6 on line loans, and she got mad because we refused a new one.
Regulation or not it's about people and companies behaving responsibly.

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