InTouch Credit Union McKinney, TX – Predatory Lending


Do you need a thousand dollars cash fast? Um… Guaranteed approval, no credit check required. Are you a… Loan Shark? A Loan Shark? You’re funny. We don’t like that term. We prefer the term money lender. Loan Shark sounds so… Accurate? It makes us sound so predatory, as though we
target innocent prey in desperate situations, tear them apart and eat them alive. Uh… You are perhaps familiar with my extensive network of payday and title loan franchises. CashQuickly, Money Time 9,000, Say Yay Payday,
E-Cash-O-Rama, Gimme Money Plus, Cash Fix Fast… Isn’t Money Time 9,000 the one with the
really dodgy commercials late at night? Or is that the one with the
reality TV personality spokesperson? Does it really matter? The important thing is that we
have the cash to make it happen. To make what happen? Your… you know. Whatever emergency and/or
desperate situation you’re in! Car breakdown? Unexpected medical bills?
Want to go shopping but can’t wait until payday? Yeah. OK, 1, I have an emergency fund in my
budget to look after stuff like that and 2, I’m not sure that shopping is a
valid reason to take out a loan. There are plenty of good reasons! Instant approval! Fast cash! Less-than-perfect credit? No problem! Call in the next 5 minutes and you
can have $500 by tomorrow. I… appreciate your enthusiasm, but
that does not sound reassuring at all. Look. I’m not here to judge. I don’t know why you need the money– I don’t need the money. But I do know that $500 in your
pocket can really help you out. Just get the loan. But I… Get the loan. I really don’t… Just. Get. The. Loan. Okay, let’s say I do need $500 before payday. Taking out a loan means paying back the money plus interest. What’s your interest rate? If you pay it back within 10 days, you’ll be fine. That’s not what I asked. What’s your interest rate? Instant approval! No credit check needed. Gimme that. 550% APR!? It’s not that high. Loan Shark, I think my credit card interest
rate is high, and that’s 15%. This is 550. If I borrowed that $500 for just 1 month,
I would owe like 80 bucks in interest. Oh and uh, plus late fees. At this rate, if something happened and I
couldn’t pay back the loan for an entire year, I would owe over $2,500 in interest
refinancing every month! Borrowing $500 today would give me $3,000 of debt! Is that not crazy to you? Well… we can help keep that from happening. For $25 a week, we can extend that original
loan so that you don’t have to default on it. So if I can’t pay the loan back all at
once, on top of the interest, I would also pay you a hundred dollars a month just to
keep it from going to collections? What if I can’t cover a hundred dollars a month? Take out another loan. Yeah. Fast cash in your pocket by Friday! Are you crazy? These loans are outrageously expensive and targeted at people who are clearly in a tight spot to begin with. How is this even legal? Don’t you have
any rules that you have to follow? Of course there are! There’s all sorts of legislation
surrounding short-term lending. But my businesses happen to be registered
under a slightly different sector so I don’t have to follow all those boring rules exactly. Money Time 9,000, Payday Lender
and Island Adventure Tours. We put the “fun” in “fundamentally unsafe”! Right, well, thanks for the info. I’m not gonna take out a loan, so please go away. I didn’t want it to come to this, but
if you don’t take out that loan… Hey, there’s a shark in the pool! I’m just gonna… Duuuuh nuh. Duuuuu nuh. Duuuh nuh nuh duh nuh duh nuh.

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