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First Cash Financial Services Inc. Message Board

  • mentges mentges Jan 25, 2000 6:44 PM Flag

    Explain 2.2 mil balances?

    Am I to understand that FirstCash has 2.2 million
    in outstanding loans? Or it that the volume of money
    loaned including paybacks? I am not sure how to view
    this figure.

    On another issue - high fees for
    loans - credit card debt is often 300% - and 30 year
    mortgages are 300% - if one borrows 100,000 for a house on
    a 30 year loan, the amount is actually closer to
    $300,000. If one buys a television for $500 on a credit
    card and pays only $15 a month forever, the actual
    cost is over $1500. Something to consider when
    comparing a 20% fee for check advances.

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    • the rate everybody is talking about is 20% a
      month. By the way, this is the same rate charged on some
      pawn loans in Texas. The difference is that you've got
      to do without your TV, golf clubs, etc. with a pawn

      BTW, monski and microcapvalue are the same person if
      you haven't figured it out yet (I can prove it later
      if you want). Go back and read his message #600. He
      had absolutely no idea what a payday loan is, and
      probably still doesn't, yet he jabbered and yacked and
      whined about how bad they were. Don't let him rattle
      you, he's one of the least informed posters on this
      board, trust me.

      In his next post he doubted the
      payday loans would do well because most pawn customers
      don't have checking accounts. Wrong again, as evidenced
      by the huge growth to $2.2 million in payday loans
      in the pawnshops less than 3 months after they
      started them.

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