Comments on: Different Strokes for Different Credit Scores http://theflatironlife.com/2007/07/25/624/ These are the ramblings of a young married couple in the great City of Chicago. Tue, 02 Dec 2008 07:40:53 +0000 http://wordpress.org/?v=2.6.1 By: Chris Beck http://theflatironlife.com/2007/07/25/624/#comment-385 Chris Beck Sun, 29 Jul 2007 21:48:55 +0000 http://theflatironlife.com/2007/07/25/624/#comment-385 Did the fact that Gary Colman was the spokesperson not clue you in? I believe the man has gone into debt so many times that his credit score probably warrants going to such a business for loans. One does have to wonder, with rates that high, they surely only appeal to people who, as you said, have extremely bad credit ratings. So, the business must not anticipate getting frequently fully reimbursed for their loans. Thus the high APR must be to recap losses and make quick profits before the borrower defaults/declares bankruptcy/gets his kneecaps broken. Maybe this is a money laundering business? Chris Did the fact that Gary Colman was the spokesperson not clue you in? I believe the man has gone into debt so many times that his credit score probably warrants going to such a business for loans.

One does have to wonder, with rates that high, they surely only appeal to people who, as you said, have extremely bad credit ratings. So, the business must not anticipate getting frequently fully reimbursed for their loans. Thus the high APR must be to recap losses and make quick profits before the borrower defaults/declares bankruptcy/gets his kneecaps broken. Maybe this is a money laundering business?

Chris

]]> By: Ryan http://theflatironlife.com/2007/07/25/624/#comment-376 Ryan Wed, 25 Jul 2007 21:52:20 +0000 http://theflatironlife.com/2007/07/25/624/#comment-376 Want to start up a loan business? Want to start up a loan business?

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