Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

You can't seriously compare getting a huge intrest payday loan to buying a fountain soda at a convenience store or burger joint!

You are right they do need the money and this type of loan is the only one they qualify for.  So they can get a payday loan to get over a hump or pay the bank 35 bucks for every check they bounce.  So on a $25 check they pay $60 even if they make good 1 hour after it processes.  If they get a $100 payday loan, they pay $130.  The majority of the people pay these off with no problem.  It's a fact of life now days and if Dollar Loan Center wasn't doing it, someone else would.

They need this loan because of poor choices or purchases made previously to getting the loan.  I'm not saying that is everyone, there are absolulty people who NEED this loan that are just trying to get by in life.  I've also seen people that make 100K a year getting these loans on a regular basis.

Those that are on here spouting off, do you know anything about the industry or just what the media tells you?   There are always two sides to every story.

How's it go, don't hate the player hate the game. 

Some of you are rediculous. What ever happend to "personal responsibility and accountability"? Nobody puts a gun to these people's head and forces them through the door of Dollar Loan Center. Has it ever occured that these loans are pretty risky for the lender? I'm guessing there is a high default rate but I'm not an expert... 

Some people roll through life making one bad decision after another. That's a "you" thing and you either need to get with the program or deal with the consequenses of dealing with payday loans and bad credit. It certainly isnt the fault of Dollar Loan Center, they provide a service that apparently lots of people decide to use. 

Screw the wisdom factor.....which is more fun!!!

I'm thinking the lower budget teams are the last ones that can sit on winnings....and the least likely to cash in big....in other words, they need paid on the spot....

This is exactly right. I don't think any sprint car team, including WoO level, would like to be awarded a illiquid/commodity receivable note after a race night vs. a check/cash. Cash flow is far too important and pressing of an issue and I doubt that any car owner wants to be in the business of playing a commodity market rather than paying their suppliers and making it to the next race. 

Anyone who believes payday loan places aren't predatory probably believes you can buy ocean front property in New Jersey.

With some of the comments of those that stick up for the legalized loan sharks, it's clear Gordon Ghecko isn't just a fictional character to them.

400% interest please. This is America, but that s**t needs to be CAPPED! PEOS.

There's no risk in payday loans except for those who receive them.

Call a spade a spade people. Only thing missing here is the visits from Vinnie and Quido when the loan's overdue. lol

"Gimme fuel, Gimme fire, Gimme that which I desire!"

If you are that hard up for $800 try a new hobby, like knitting... silver has a much larger importance of an impact than a few hundred bucks of money to keep a race car on the track for another night. 

You're trying to stop stupid people from being stupid /it's like the poor people that keep the casinos and lotteries going. Let it go-bro.

You really think the guy that gets $800.00 in silver can sit on it long enough to make REAL money......get a clue! And for the racer that is doing it as a hobby he does probably need the $800.00 in full right away. Go ahead and put your $800.00 in silver and go sit and knit. We'll see how long that works out....LOL!

Silver in 2012- $43

Silver in 2016- $17

Its not like its always a winning investment

Ummm a guy might make sure he has all this silver to give away. Just sayin

The classic thought experiment of "would you rather have $800 today, or $1000 a year from now" completely falls apart when you have relatively high levels of short-term expenses (fuel, tires, truck fuel, travel expenses, top wing repair/replace, etc.), short-term cash flow issues (suppliers/creditors to pay), and what is likely an extremely tight operating budget. All of these considerations means that cash is king. 

Speaking as a hypothetical car owner, I'd rather not have to worry about such issues and just take a cash or check and go on down the road. 

Furthermore, the "importance of an impact" you speak of carries one massive assumption, that the value of the silver/ promissory note will appreciate in value. Which is in no way a guarantee when you examine any metal commodity market right now. 

If my options are 800 silver, or 500 cash, give me the 800 and I'll worry about the logistics.  Man, some people would bitch if you hung them with a new rope.  So Frank Daytona, STFU because not many tracks are paying that money, cash or silver.  If he was paying in Badland Pawn chits, I can see your complaint, but if I need 800 that badly, I happily cash that silver certificate first thing Monday morning.

WOW, the MORON meter has officially been broken.

It's funny how some haters can find any reason at all to complain.  The race teams and car counts will dictate if they are OK with it.