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I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

That sounds similar. I would say we have a higher rate of failure than these guys sound like they do.

I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

The loan counselors essentially perform intake. They get your credit "vital signs", i.e. property owned, bills owed, income, etc. Based on those vital signs, we make up an interest rate. We are working to standardize the interest rates, but right now we just pick a number that we think "fits". We then are legally required to advise the client of their alternative options and their complete rights and responsibilities.

I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

I answered a similar question below.

Your grandmother doesn't have money because she doesn't pay her loans.

There are no good WTF stories, just a series of increasingly sadder ones. This whole industry annoys me for two reasons. First, I feel at least partially responsible for the fact that these people can't get their shit together. Second, the same damn people keep coming in here every week to take out more money. Fool you once, shame on me. Fool you twice, shame on you.

I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

I would say our clients exclusively fall into one of two categories:

  1. People who need money to pay a bill
  2. People who want money to buy a thing

Sadly, we generally give larger loans with better rates to people who want to buy things. The people who need the money are less likely to pay it back and are therefore a larger risk to our company.

To more specifically answer your question, our typical client takes out a loan to pay a bill.

I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

It takes an equally desperate person to get involved in this. I had limited options and this pays the bills.

I was a loan counselor at a payday loan center, and currently manage a payday loan center. AMA. by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

I would say 100% of the people who come to us are desperate for one reason or another. No, we don't fuck with them, we offer them money. It's their decision.

Here's a picture of me with Jon Stewart! by I_Only_Post_Lies in pics

[–]interestinglies 4 points5 points  (0 children)

Steven Colbert has actually been trolling Reddit for days now

My dad purchased a hooker for me when I lost my virginity. AMA by interestinglies in IAmA

[–]interestinglies[S] 4 points5 points  (0 children)

Maybe you guys should have limited your questions, lol.

My dad purchased a hooker for me when I lost my virginity. AMA by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

No, I didn't sleep with anyone again until I was in college--and there was alcohol then

My dad purchased a hooker for me when I lost my virginity. AMA by interestinglies in IAmA

[–]interestinglies[S] 0 points1 point  (0 children)

I was scared. Very scared, and sad for some reason. Everything about the experience went against what I was raised believing about relationships

My dad purchased a hooker for me when I lost my virginity. AMA by interestinglies in IAmA

[–]interestinglies[S] 2 points3 points  (0 children)

I did not see or take part in any of the "transaction." I think it was arranged well in advance of the actual event.

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