Transcript of Episode 3 - Predatory Lending
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00:00:11| predators predators so so and i'm dan i thought you were looking at notes for that one i was thinking about how this episode
00:00:22| goes because i was like oh my goodness i don't know i'm scared i'm frightened i'm very very frightened talk about a particular predatory situation like we
00:00:30| do in all these episodes people-to-people conflict and how people manipulate other people how to get out of those situations when you're the victim
00:00:40| how to isolate the predator and extinguish them people and how to do it with the people smaller than you yeah listening just in case you get the chance what's
00:00:50| what's today's uh what's the big one predatory lending so the circumstance you find yourself in most often is that you need money you're
00:01:03| broke you're poor you're having some sort of uh unexpected expense medical issue maybe you lost your job you just need a fast cat broke his leg i
00:01:14| don't know you your boss just closed the doors and says oops i'm not paying you all i'm filing good luck so that's the generic version there's
00:01:26| also a unique element to this that some people like willingly know like they've had bank accounts before and
00:01:34| they didn't like them because a i guess they feel like they don't know enough like they're financially disadvantaged so they assume
00:01:44| that they don't know what the bank is doing like the rates that they're lending so they feel a little bit i guess belittled when they go to a bank
00:01:53| or the bank is far away or like it's far away yeah literally long drive yeah or they don't have if they don't have a car so it's like they have to walk or get on
00:02:03| a bus or spend money to get their money yeah you're right that's true so i did listen to a certain uh certain podcast that talked about i
00:02:13| think there's like a a doctor of finance who was teaching and also became like one of the check cashing cashiers like the teller he was charging
00:02:25| some numbers she yeah she was trying to figure out why people would do this so she actually was like surprised by like the logic that
00:02:33| um poor people would have because they know how to manage their money they just don't know i guess how to project their money out like how to grow their money they're
00:02:44| limited with their budget but they don't know how to budget which is kind of a weird thing and then there's also sort of like a consumerist disease to it that like you
00:02:54| want physical cash in your hand like you need that like physical thing and then they also like spend money on physical stuff well then
00:03:02| there's like the whole i mean a poor person and a rich person have very similar phone bills interestingly enough like they have the same haircut costs similar so the
00:03:14| scale the scale is much larger for them for what they percentage-wise yeah yeah so like you know you don't make as much as you know
00:03:21| mr rich mcritch but you're i mean you still pay 100 bucks a month for your cell phone and the service and the bill and texting and all that and the rich person what do they have
00:03:33| and they have unlimited text and data and all that anyway so you kind of like that expense is monthly it it weighs much heavier on someone who doesn't make that much money true but
00:03:44| everyone has it i mean those type things i think that no one really considers gas money is gonna be the same for a rich person and a poor person
00:03:51| yeah but it's a much bigger chunk of a poor person's collective than someone else yeah and there's a convenience like even like convenient stores like bodegas
00:04:00| like these little stores are littered throughout a city but like a bank like you know more about the city than i do like you live there how close are banks to most people
00:04:11| i could walk to mine and that's usually how you sign up for it like it's within walking distance i didn't go i really need to drive across the city to get to a bank i can't easily
00:04:22| access and most of them do have atms everywhere you can still get slam with the charge like the 250 and all that if you need your money right away and it's not in
00:04:31| the bank and all that yeah because there's like a three-day delay when you put your money in the bank and getting it out which could really blow somebody's
00:04:38| budget yeah yeah well the worst is if you plan for it to come out on the third day and you there's a withdrawal coming and the money is
00:04:48| being held and then they say there's insufficient funds so now you're hit with insufficient funds it didn't go through and they charge you money and then afterwards
00:04:56| the people are like oh you it did clear you're good yeah uh added fees on being poor as well as certain bank accounts like the free checking requires you to have a
00:05:07| certain balance so those people aren't going to have that balance or the like acha or no ach like the direct deposit that sort of transfer isn't available to
00:05:18| them because they just get written a check like their company isn't big enough to to do a direct deposit my company is big enough but still
00:05:26| doesn't it's because it probably costs the money probably isn't that funny probably came up in another predators episode
00:05:35| herma in the back room is signing off on these checks could be okay so that's the victim and that's the circumstance kind of understand what's happening
00:05:44| there so they're getting these payday loans and here's the predatory part of it is that not only these are usually a fee but these people are also mostly under
00:05:55| water so is something like this what is it two percent or something i have no idea between two and five i have no idea two and five percent
00:06:04| oh the rate yeah the common one that i came across was like one for every hundred dollars they would charge you 15 for like a two week period so that apr is like 400 for the year
00:06:18| so people would go in with like a thousand dollar like loan request and then end up paying like four thousand dollars on it over the course of the year because they
00:06:26| would keep rolling it over every payday right right right and the way it works is that you like if you have a checking account you literally like sign the check and you
00:06:34| give it to them and then they cash it on your payday or the reverse where they just give you the loan and then you have to come back and pay it
00:06:41| right so they literally they have some of them actually like have your fake money before you even get it so it's it's literally like you have zero dollars so a third of people
00:06:53| are actually accruing debt so they're losing net worth and it's something like almost two-thirds of people the it was 78 percent are living paycheck to
00:07:03| paycheck like week to week yeah so they need that money and that's well that's probably why they're doing it too yeah and the predators here are the
00:07:10| people with money who are charging a ridiculous ridiculous rate so you have like not even like like credit cards are like in most cases 17 or 15 or something like
00:07:22| that so i guess we'll come back around to like what the solution is here so like these these predators they're they're setting up these cash and loan
00:07:30| places and they're setting up so that like legally insert so like it varies from state to state but this is legal in most places
00:07:39| there have even been like uh bills that have come about and to reduce it so that you can't charge more than a certain percentage which makes sense
00:07:48| makes sense yeah but there's so much money behind the business that there was um there's one politician that had a bill out there that said cap it at 36 percent we're going to keep
00:07:59| it there he was trying to get it on the ballot and get it under a vote it turns out one of the uh predatory lending people came in with a bill that said we're going to cap it
00:08:08| at 18 and we're like that sounds fantastic except the fine print says unless they sign it in in writing so like you're allowed to give them
00:08:18| terms and writing and then sign off on it and they can charge whatever they want so it can't be printed it has to be in handwriting yeah but the trick there
00:08:26| was that they could have charged them whatever like it could have been 400 as long as they signed off on a piece of paper it's not limiting the ability of the there's no capital
00:08:34| no no and they also set these things up so that they're super easy so like they'll be co-located where people live and also they say that right by
00:08:43| job locations and stuff too i don't know i've never gone to one well i mean i've seen them but they've actually been like hey i've gone in them but what i've read is that they
00:08:53| have like an easy to understand like percentages people get confused what's apr like they don't really get it but if you
00:09:00| go to these places it's like i need a hundred dollars and they'll be like for a hundred dollars it's 15 like that makes sense it's like even though
00:09:07| there's a percentage there it's they have this on like a billboard almost like you go to mcdonald's and you read it off so these people are aware of like
00:09:15| people's inability to conduct their own finances so they're attacking them on like a mental level like subdue them into ease and then take
00:09:24| their money and then once they get from them almost like a little bit like hey here it is you got it that's what you're buying yeah once they get them on the hook and then they miss
00:09:32| a payment they keep re-upping the next loan so like every payday they get another loan and then it's something like a majority of
00:09:40| these people like 80 percent get the next loan and then keep getting the next loan so they can't get out of the hole right at that point you're too far in the hole
00:09:51| let me see hmm i'm talking like how do you know if you were how do you know what you're the victim but i guess you would know you yeah these people a lot of
00:10:03| a them of them had like i guess the government on their side a little bit because in certain states they limit the amount they could do on payday loans
00:10:12| but then they change the type of loan so they call they do like title loans which is on your car and then they reproduce your car or they do it on like they call it a
00:10:22| short-term mortgage on 200 it's like you can do that you can do that yeah it's a bizarre it's really bizarre well there's it's obvious because there
00:10:33| are certain representatives that are a part of this like check cashing ring and they like vehemently oppose um of course yeah there's a guy named elkins he got
00:10:45| ripped apart by another yeah as a representative elkins he got ripped apart by another representative who's like he's like don't you own like
00:10:53| a dozen of these and he's like well i don't see how that's and then she said like don't you know what a conflict of interest is it's like
00:11:01| it's like blatant that's impossible i'm being impartial here completely impartial so this is really like the the man is really screwing you over here yeah
00:11:14| i'm just the man screw the man that's what we say here anything to add did i miss it how do you get out of it how do you get out of it how do you get
00:11:25| out of it do you know how to get it no i have no idea somebody called up bankruptcy move somebody actually called up like the loan place and said like what do i do
00:11:33| and they said give us your blood donate your plasma because that's like you can make more money like selling your plasma then your day job so like if you sell enough plasma
00:11:44| literally suck your blood then you can get out of this loan isn't there a cap on plasma donation i think it's like once every couple weeks or something
00:11:54| okay but if it's once every two weeks it's perfect for a payday loan you're absolutely correct do your regular job donate some plasma boom you're out of it
00:12:06| all your problems realistically though they say like loan shark has this really bad competition connotation but loan sharks are actually pretty good
00:12:15| compared to these places because they don't charge nearly that much percentage so yeah i thought well what is a loan charge percentage i guess it's different power loans
00:12:24| yeah everything but they'll be reasonable and they'll work with you kind of i guess maybe because it's a person not a business
00:12:32| so what you're telling me is business is bad people corporate yeah corporations are terrible yeah it always comes back to that they say any other loan is probably better
00:12:41| than this one because like some of these even in like the british ones like the british ones if like three thousand percent like they have ridiculous percentage
00:12:48| so you can to get out of these loans they say like don't go back to them if you can get money from family members like actually have a loan from a family member
00:12:56| a loan shark like some religions like i know like the jewish religion has like stipulations on lending money to people within the faith really it's kind of the same thing as um
00:13:08| you know what the numbers are the numbers was like a lottery that uh african-american people would do like amongst themselves and like a neighborhood it's a
00:13:18| neighborhood lottery yeah yeah and the numbers people were actually yeah it's called a numbers guy yeah you can actually get loans from those people
00:13:27| so like back in the day the african-american people couldn't get normal loans so they would go to the numbers person because they were holding the cash they
00:13:34| can get a loan and then finance what they're trying to finance so there's those people out there i know a numbers guy you do it's a bookie yeah i don't know if he
00:13:45| does sports huh what happens is you give him money you give him your numbers and they actually use the real lottery
00:13:55| numbers that are being pulled if you hit those numbers he owes you everything the numbers are but it's like you know it's not the same as the lottery the pa lottery
00:14:04| but they use the numbers and because it's a neighborhood figure like they're usually going to be there they say once in a blue moon you hear a story about a numbers guy who
00:14:14| his person hit big and he just had to split down but can you imagine that like one of your clients like hits and you're like oh my god
00:14:22| i don't have it let's get out of here deep down like you literally just have to pick up a move go yeah become a numbers guy somewhere else somewhere else
00:14:31| god bless the numbers guys it's a rough life yeah i don't i guess if you don't trust the institution too you have to become a numbers guy that's
00:14:42| one way to do it i guess make more money everyone at home start getting a pool of money okay telling other people you do numbers telling other people other things don't
00:14:53| tell anyone fbi or the irs don't ever report any money you get to the irs okay what you want to do is start getting your money get your clientele get your people together get everything nice and
00:15:04| smooth get a system get a guy who will hurt people get a guy who will find people you get the guy who will find people to find someone and the guy to hurt him i
00:15:13| heard him boom problem solved this is what i think more people need to do you got to find the biggest guy in the room hire him to beat the smallest guy
00:15:27| in the room and then everyone knows who you are you know he's the biggest guy sometimes it's the guy who looks like he like takes
00:15:33| nails to the face he's like he's got to be ugly yeah 100 he's got metal teeth like that guy from james bond jaws jaws yeah good call what else we got
00:15:45| there's a few other things most of these revolve around spending addition addiction so if you fight your addiction and stop spending money on stupid things a lot of
00:15:54| people like took out payday loans for vacations it's like what are you doing what are you doing you could get a credit card go to a bank maybe
00:16:05| they won't charge you maybe you can get a special account more of these uh products are coming available um if you do get out of this make sure
00:16:13| there's an emergency fund because it actually is like the statistic was that it like it was more middle-aged women i guess they're coming off a divorce and they
00:16:21| don't manage their finances and they don't have a job so they don't have an emergency fund and they never expected to be in that position so they didn't know what to do
00:16:31| so if you're prepared mentally and you have an emergency fund and you can navigate it at least for little numbers do more finance get a little more
00:16:42| savvy yep savvy prep yourself with some money on the side um and avoid these situations unless you absolutely absolutely absolutely have to don't do it because
00:16:54| you kind of want to because it's going to snowball that's where you kiss a guy in another guy's mouth no that's we already covered this one so um
00:17:05| it's okay if it's really bad like you bring up that reference and they say no way it's not gonna happen you say uh i give up this is bankruptcy and then you start over again if you can
00:17:18| can you do that i think these loans are absorbable nice another thing all your loans people bankruptcy just do it it doesn't even hurt you
00:17:28| the one thing i forgot to mention is that there's no due diligence so there's a federal like there's a federal not mandate but a desire i think that these these loans
00:17:38| should be limited and like monitored not only percentage-wise but like if you take out multiple ones on the same paycheck there should be like in a database
00:17:46| somewhere so you can cross-check them so the federal mandate the federal law should change to avoid the situation where someone takes out way too much money
00:17:54| for ridiculous rates multiple times for ridiculous reasons yes legitimate legitimate loans would be good maybe talk with someone family members
00:18:08| would help yeah did i miss anything have we got anything to cover no i think you actually covered everything predators predators
00:00:22| goes because i was like oh my goodness i don't know i'm scared i'm frightened i'm very very frightened talk about a particular predatory situation like we
00:00:30| do in all these episodes people-to-people conflict and how people manipulate other people how to get out of those situations when you're the victim
00:00:40| how to isolate the predator and extinguish them people and how to do it with the people smaller than you yeah listening just in case you get the chance what's
00:00:50| what's today's uh what's the big one predatory lending so the circumstance you find yourself in most often is that you need money you're
00:01:03| broke you're poor you're having some sort of uh unexpected expense medical issue maybe you lost your job you just need a fast cat broke his leg i
00:01:14| don't know you your boss just closed the doors and says oops i'm not paying you all i'm filing good luck so that's the generic version there's
00:01:26| also a unique element to this that some people like willingly know like they've had bank accounts before and
00:01:34| they didn't like them because a i guess they feel like they don't know enough like they're financially disadvantaged so they assume
00:01:44| that they don't know what the bank is doing like the rates that they're lending so they feel a little bit i guess belittled when they go to a bank
00:01:53| or the bank is far away or like it's far away yeah literally long drive yeah or they don't have if they don't have a car so it's like they have to walk or get on
00:02:03| a bus or spend money to get their money yeah you're right that's true so i did listen to a certain uh certain podcast that talked about i
00:02:13| think there's like a a doctor of finance who was teaching and also became like one of the check cashing cashiers like the teller he was charging
00:02:25| some numbers she yeah she was trying to figure out why people would do this so she actually was like surprised by like the logic that
00:02:33| um poor people would have because they know how to manage their money they just don't know i guess how to project their money out like how to grow their money they're
00:02:44| limited with their budget but they don't know how to budget which is kind of a weird thing and then there's also sort of like a consumerist disease to it that like you
00:02:54| want physical cash in your hand like you need that like physical thing and then they also like spend money on physical stuff well then
00:03:02| there's like the whole i mean a poor person and a rich person have very similar phone bills interestingly enough like they have the same haircut costs similar so the
00:03:14| scale the scale is much larger for them for what they percentage-wise yeah yeah so like you know you don't make as much as you know
00:03:21| mr rich mcritch but you're i mean you still pay 100 bucks a month for your cell phone and the service and the bill and texting and all that and the rich person what do they have
00:03:33| and they have unlimited text and data and all that anyway so you kind of like that expense is monthly it it weighs much heavier on someone who doesn't make that much money true but
00:03:44| everyone has it i mean those type things i think that no one really considers gas money is gonna be the same for a rich person and a poor person
00:03:51| yeah but it's a much bigger chunk of a poor person's collective than someone else yeah and there's a convenience like even like convenient stores like bodegas
00:04:00| like these little stores are littered throughout a city but like a bank like you know more about the city than i do like you live there how close are banks to most people
00:04:11| i could walk to mine and that's usually how you sign up for it like it's within walking distance i didn't go i really need to drive across the city to get to a bank i can't easily
00:04:22| access and most of them do have atms everywhere you can still get slam with the charge like the 250 and all that if you need your money right away and it's not in
00:04:31| the bank and all that yeah because there's like a three-day delay when you put your money in the bank and getting it out which could really blow somebody's
00:04:38| budget yeah yeah well the worst is if you plan for it to come out on the third day and you there's a withdrawal coming and the money is
00:04:48| being held and then they say there's insufficient funds so now you're hit with insufficient funds it didn't go through and they charge you money and then afterwards
00:04:56| the people are like oh you it did clear you're good yeah uh added fees on being poor as well as certain bank accounts like the free checking requires you to have a
00:05:07| certain balance so those people aren't going to have that balance or the like acha or no ach like the direct deposit that sort of transfer isn't available to
00:05:18| them because they just get written a check like their company isn't big enough to to do a direct deposit my company is big enough but still
00:05:26| doesn't it's because it probably costs the money probably isn't that funny probably came up in another predators episode
00:05:35| herma in the back room is signing off on these checks could be okay so that's the victim and that's the circumstance kind of understand what's happening
00:05:44| there so they're getting these payday loans and here's the predatory part of it is that not only these are usually a fee but these people are also mostly under
00:05:55| water so is something like this what is it two percent or something i have no idea between two and five i have no idea two and five percent
00:06:04| oh the rate yeah the common one that i came across was like one for every hundred dollars they would charge you 15 for like a two week period so that apr is like 400 for the year
00:06:18| so people would go in with like a thousand dollar like loan request and then end up paying like four thousand dollars on it over the course of the year because they
00:06:26| would keep rolling it over every payday right right right and the way it works is that you like if you have a checking account you literally like sign the check and you
00:06:34| give it to them and then they cash it on your payday or the reverse where they just give you the loan and then you have to come back and pay it
00:06:41| right so they literally they have some of them actually like have your fake money before you even get it so it's it's literally like you have zero dollars so a third of people
00:06:53| are actually accruing debt so they're losing net worth and it's something like almost two-thirds of people the it was 78 percent are living paycheck to
00:07:03| paycheck like week to week yeah so they need that money and that's well that's probably why they're doing it too yeah and the predators here are the
00:07:10| people with money who are charging a ridiculous ridiculous rate so you have like not even like like credit cards are like in most cases 17 or 15 or something like
00:07:22| that so i guess we'll come back around to like what the solution is here so like these these predators they're they're setting up these cash and loan
00:07:30| places and they're setting up so that like legally insert so like it varies from state to state but this is legal in most places
00:07:39| there have even been like uh bills that have come about and to reduce it so that you can't charge more than a certain percentage which makes sense
00:07:48| makes sense yeah but there's so much money behind the business that there was um there's one politician that had a bill out there that said cap it at 36 percent we're going to keep
00:07:59| it there he was trying to get it on the ballot and get it under a vote it turns out one of the uh predatory lending people came in with a bill that said we're going to cap it
00:08:08| at 18 and we're like that sounds fantastic except the fine print says unless they sign it in in writing so like you're allowed to give them
00:08:18| terms and writing and then sign off on it and they can charge whatever they want so it can't be printed it has to be in handwriting yeah but the trick there
00:08:26| was that they could have charged them whatever like it could have been 400 as long as they signed off on a piece of paper it's not limiting the ability of the there's no capital
00:08:34| no no and they also set these things up so that they're super easy so like they'll be co-located where people live and also they say that right by
00:08:43| job locations and stuff too i don't know i've never gone to one well i mean i've seen them but they've actually been like hey i've gone in them but what i've read is that they
00:08:53| have like an easy to understand like percentages people get confused what's apr like they don't really get it but if you
00:09:00| go to these places it's like i need a hundred dollars and they'll be like for a hundred dollars it's 15 like that makes sense it's like even though
00:09:07| there's a percentage there it's they have this on like a billboard almost like you go to mcdonald's and you read it off so these people are aware of like
00:09:15| people's inability to conduct their own finances so they're attacking them on like a mental level like subdue them into ease and then take
00:09:24| their money and then once they get from them almost like a little bit like hey here it is you got it that's what you're buying yeah once they get them on the hook and then they miss
00:09:32| a payment they keep re-upping the next loan so like every payday they get another loan and then it's something like a majority of
00:09:40| these people like 80 percent get the next loan and then keep getting the next loan so they can't get out of the hole right at that point you're too far in the hole
00:09:51| let me see hmm i'm talking like how do you know if you were how do you know what you're the victim but i guess you would know you yeah these people a lot of
00:10:03| a them of them had like i guess the government on their side a little bit because in certain states they limit the amount they could do on payday loans
00:10:12| but then they change the type of loan so they call they do like title loans which is on your car and then they reproduce your car or they do it on like they call it a
00:10:22| short-term mortgage on 200 it's like you can do that you can do that yeah it's a bizarre it's really bizarre well there's it's obvious because there
00:10:33| are certain representatives that are a part of this like check cashing ring and they like vehemently oppose um of course yeah there's a guy named elkins he got
00:10:45| ripped apart by another yeah as a representative elkins he got ripped apart by another representative who's like he's like don't you own like
00:10:53| a dozen of these and he's like well i don't see how that's and then she said like don't you know what a conflict of interest is it's like
00:11:01| it's like blatant that's impossible i'm being impartial here completely impartial so this is really like the the man is really screwing you over here yeah
00:11:14| i'm just the man screw the man that's what we say here anything to add did i miss it how do you get out of it how do you get out of it how do you get
00:11:25| out of it do you know how to get it no i have no idea somebody called up bankruptcy move somebody actually called up like the loan place and said like what do i do
00:11:33| and they said give us your blood donate your plasma because that's like you can make more money like selling your plasma then your day job so like if you sell enough plasma
00:11:44| literally suck your blood then you can get out of this loan isn't there a cap on plasma donation i think it's like once every couple weeks or something
00:11:54| okay but if it's once every two weeks it's perfect for a payday loan you're absolutely correct do your regular job donate some plasma boom you're out of it
00:12:06| all your problems realistically though they say like loan shark has this really bad competition connotation but loan sharks are actually pretty good
00:12:15| compared to these places because they don't charge nearly that much percentage so yeah i thought well what is a loan charge percentage i guess it's different power loans
00:12:24| yeah everything but they'll be reasonable and they'll work with you kind of i guess maybe because it's a person not a business
00:12:32| so what you're telling me is business is bad people corporate yeah corporations are terrible yeah it always comes back to that they say any other loan is probably better
00:12:41| than this one because like some of these even in like the british ones like the british ones if like three thousand percent like they have ridiculous percentage
00:12:48| so you can to get out of these loans they say like don't go back to them if you can get money from family members like actually have a loan from a family member
00:12:56| a loan shark like some religions like i know like the jewish religion has like stipulations on lending money to people within the faith really it's kind of the same thing as um
00:13:08| you know what the numbers are the numbers was like a lottery that uh african-american people would do like amongst themselves and like a neighborhood it's a
00:13:18| neighborhood lottery yeah yeah and the numbers people were actually yeah it's called a numbers guy yeah you can actually get loans from those people
00:13:27| so like back in the day the african-american people couldn't get normal loans so they would go to the numbers person because they were holding the cash they
00:13:34| can get a loan and then finance what they're trying to finance so there's those people out there i know a numbers guy you do it's a bookie yeah i don't know if he
00:13:45| does sports huh what happens is you give him money you give him your numbers and they actually use the real lottery
00:13:55| numbers that are being pulled if you hit those numbers he owes you everything the numbers are but it's like you know it's not the same as the lottery the pa lottery
00:14:04| but they use the numbers and because it's a neighborhood figure like they're usually going to be there they say once in a blue moon you hear a story about a numbers guy who
00:14:14| his person hit big and he just had to split down but can you imagine that like one of your clients like hits and you're like oh my god
00:14:22| i don't have it let's get out of here deep down like you literally just have to pick up a move go yeah become a numbers guy somewhere else somewhere else
00:14:31| god bless the numbers guys it's a rough life yeah i don't i guess if you don't trust the institution too you have to become a numbers guy that's
00:14:42| one way to do it i guess make more money everyone at home start getting a pool of money okay telling other people you do numbers telling other people other things don't
00:14:53| tell anyone fbi or the irs don't ever report any money you get to the irs okay what you want to do is start getting your money get your clientele get your people together get everything nice and
00:15:04| smooth get a system get a guy who will hurt people get a guy who will find people you get the guy who will find people to find someone and the guy to hurt him i
00:15:13| heard him boom problem solved this is what i think more people need to do you got to find the biggest guy in the room hire him to beat the smallest guy
00:15:27| in the room and then everyone knows who you are you know he's the biggest guy sometimes it's the guy who looks like he like takes
00:15:33| nails to the face he's like he's got to be ugly yeah 100 he's got metal teeth like that guy from james bond jaws jaws yeah good call what else we got
00:15:45| there's a few other things most of these revolve around spending addition addiction so if you fight your addiction and stop spending money on stupid things a lot of
00:15:54| people like took out payday loans for vacations it's like what are you doing what are you doing you could get a credit card go to a bank maybe
00:16:05| they won't charge you maybe you can get a special account more of these uh products are coming available um if you do get out of this make sure
00:16:13| there's an emergency fund because it actually is like the statistic was that it like it was more middle-aged women i guess they're coming off a divorce and they
00:16:21| don't manage their finances and they don't have a job so they don't have an emergency fund and they never expected to be in that position so they didn't know what to do
00:16:31| so if you're prepared mentally and you have an emergency fund and you can navigate it at least for little numbers do more finance get a little more
00:16:42| savvy yep savvy prep yourself with some money on the side um and avoid these situations unless you absolutely absolutely absolutely have to don't do it because
00:16:54| you kind of want to because it's going to snowball that's where you kiss a guy in another guy's mouth no that's we already covered this one so um
00:17:05| it's okay if it's really bad like you bring up that reference and they say no way it's not gonna happen you say uh i give up this is bankruptcy and then you start over again if you can
00:17:18| can you do that i think these loans are absorbable nice another thing all your loans people bankruptcy just do it it doesn't even hurt you
00:17:28| the one thing i forgot to mention is that there's no due diligence so there's a federal like there's a federal not mandate but a desire i think that these these loans
00:17:38| should be limited and like monitored not only percentage-wise but like if you take out multiple ones on the same paycheck there should be like in a database
00:17:46| somewhere so you can cross-check them so the federal mandate the federal law should change to avoid the situation where someone takes out way too much money
00:17:54| for ridiculous rates multiple times for ridiculous reasons yes legitimate legitimate loans would be good maybe talk with someone family members
00:18:08| would help yeah did i miss anything have we got anything to cover no i think you actually covered everything predators predators
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