They just got banned here in NC.

Granted, they charge 2000% which is clearly usury but where else will some people go i.e. the folks with no bank accounts, etc.

Theoretically, they fill a need when banks leave out that segment of the market. I suppose one could argue that drug dealers fill a need too. Therefore, I am on the fence on this one.

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Ben
1987 190d 2.5Turbo

Better them get the business than banks.

Shameful businesses, they are, but if people are dumb enough to use them...

I guess that's the really disappointing part -- that there are enough stupid people to keep so many of these places in business. Some urban areas seem to have one on every corner.

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1992 300D 2.5T
1980 Euro 300D (sadly, sold)
1998 Jetta TDI, 132K "Rudy"
1974 Triumph TR6
1999 Saab 9-5 wagon (wife's)

It's no worse than the movie theater charging $7.50 for popcorn.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

I'm not sure if that is the case. I might be that they don't have a choice. If you are illegal with no SS#, I'm not sure you can have a bank account.

I think American citizens who use them are the dumb ones.

If they close down, what are the alternatives for the illegals? I am sure some get paid in cash but I would think an equal amount get a paycheck.

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Ben
1987 190d 2.5Turbo

not at all.

you can-
1. bring your own popcorn
2. or live without it

either case, you will continue to live.

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Ben
1987 190d 2.5Turbo

You can't bring your own popcorn to the movie theater.

But yes, you could live without. But the predatory nature of the beast gets to me.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

One could argue that their choice was made when they came to work illegally. It's a tough one. Can't they got to the bank that the check is drawn on and cash it with valid ID? Since most states are lax on drivers licenses, surely they can get that done.

Hey, as an aside, what do you know about 8hp Briggs & Stratton engines? I am looking at a Winpower generator that uses that motor. Avoid? Halfway decent? Thanks!

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1992 300D 2.5T
1980 Euro 300D (sadly, sold)
1998 Jetta TDI, 132K "Rudy"
1974 Triumph TR6
1999 Saab 9-5 wagon (wife's)

If the check cashing places offered loans at a competitive interest rate to banks, then I'd say good deal. Banks are in need of competition, but the fact that the check cashing places charge extremely high interest rates (usury) is a problem for me. If the Check Cashing businesses had self-regulated themselves and offered lower interest rate loans, they would most likely still be operating in North Carolina. Everyone has the right to make a profit, but at 400%+ interest? No. But, as in many things, GREED took over and as a result they now have NOTHING.

if the briggs runs, go for it. how much are they asking?

does the generator part work ok too?

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Ben
1987 190d 2.5Turbo

They're like flies around here where I live.

It crossed my mind the other day that I wish I had something to sell to them.

Hmmm.... Come to think of it, I may have an item for 'em.

I am going to look at it later this week; it's 4000 watt, I am told it all works. I was thinking of offering $200. Thanks man -- sorry for the off-topic!

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1992 300D 2.5T
1980 Euro 300D (sadly, sold)
1998 Jetta TDI, 132K "Rudy"
1974 Triumph TR6
1999 Saab 9-5 wagon (wife's)

Banks only lend to people that don't need the money, these days.

The banks haven't changed with the times. Probably I'd guess because they aren't lawfully able to compete with 'em.

Skid,
I like the way you think. I too think like that. Whenever I look at something (anything), I am always thinking of a way to provide some sort of service. I don't think it is greed, I think some people are just wired for that.

I have two kids. One is an artist and could care less about money. The other is a capitalist. He would buy a 10 pack of Pixie Sticks and sell them for $0.50 each at school. His best customers were the kids of the dentists! When he was in 3rd grade, he would sell my old dead cell phones and my wife's old broken watches for $2 each.

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Ben
1987 190d 2.5Turbo

Exactly correct, banks only loan to people who do not need the money. They have driven many an entrepreneur into bankruptcy due to their stupid lending practices. Small business is in need of other money sources. I know of more than a few small business owners who lost their business over a bank's lending "policies". You say you have never been late on a loan payment in twenty years? But, you say your business is experiencing a downturn and you need some money to weather the storm? Well, sorry Mr. Business Owner but NO DEAL.

To me, using a bank is like using drugs. Best to wean yourself off the bank and develop alternative money sources. Because, as one banker shared with me, "We ALWAYS look after the bank's interest FIRST". Which means, the customer ranks last.....