Street Loan Sharks v. Payday Loans

What is the difference with these 2 predatory lenders, one is a neighborhood person who may charge 40-50% apr on the loan and then you have montell williams and his crew legitimized through the govt but they charge up to 400% on their APR, which seems is way more crooked than the street guys and Congress and the US Banking industry thinks this is good. I guess only difference is you can default on Montells loans and be ok and the other you could possibly get beat

I've often wondered that myself Merlino... I mean, I'm assuming that one will break your legs if you don't pay, the other will just destroy your entire life, savings, credit, etc.

The difference is, one pays the government taxes and one doesn't

i was interested in this because a NY Post article of a persico son being convicted for being a loanshark....so i looked into the "legal" payday banks that can charge up to 400% interest on your few hundred $$ loaned out....and the shady thing about these "regulated" industries in some of these "banks" loansharks on Indian reservations, meaning, I am not sure they pay the govt anything....its basically these wall st guys who give the tribes 5-10% of the cut to put a bank on the reservation and then lobbyist pay congress to keep them going

whoever said the real crooks are in DC is 100% right....what a scam....

and im not saying what the mafia does is right, but it seems hypocritical to go after loan sharks on the streets of s philly when the govt is allowing this to go on with monetll williams as the face of the industry

They go after them to get to the next level of criminals they lead to.

*Nobody actually goes after an independent unconnected bookie/loan shark. When they get big enough their paths without doubt cross other criminals, whose crimes fetch far worse sentencing that bookmaking, usury charges will fetch you. Most of the time it's an attempt to roll them up into something bigger, or cast a wider ranging racketeering charge to a bigger group of people by including a low level bookie.

And it's up to you to decide which is worse, getting kneecapped and laid up for 4-6 months by your friends cousin who lean't you a few Gs you can't pay back, or getting your every dollar looked into but the IRS and having your wages garnished (if you're lucky enough to earn legit) but the gov't seems far worse to me. I can take a beating fine, its the gov't and banks ruining your credit and foreclosing on your shit that seems like the death knell to me, not getting knocked around by a local lender... Food for thought.

When I was younger I used them a few times. At that time they were pro rated. So you could borrow a few hundred to pay a bill and avoid sometimes big late fees. Pay the money back like 2 days later when your check came and it was only like $4.

It's when people drag the shit out and roll it over they get into trouble. Did that with an auto title loan once rather not think about that one.