In an odd twist, predatory lending spokesperson Larry King explains his surprise at 100% interest rates like this:
King, 80, said he didn’t look up the rates that borrowers pay for loans they find through LendVantage. “When you’re a spokesman, you have to have some faith,” he says.Faith? You mean that theological virtue? The talk show maven keeps talking....
King likewise says it’s up to business owners to assess whether the costs of loans makes sense. “I don’t like usurious interest rates, but if I need the money, and you tell me what the rates are and you’re honest about it, I don’t have a problem with that.”Hang on, loans are charitable events (unless purposely a form of assault) according to King's faith, one in which is his well versed. The very fact someone considers a downward spiral loan means they are not thinking right, and of whom should not be taken advantage. Instead of taking advantage of someone in a jam, how about simply repeating "You are not short money, you are short customers. Fix the customer problem, and the money will sort out itself." Light a candle, Larry.
He says businesses have had a tough time getting bank loans since the financial crisis and calls LendVantage a good solution, especially for companies that need cash fast."Need cash fast" is a problem fast cash will not solve. And, yes, capitalism is failing miserably (with emphasis on miser) but as to bank loans as charity, as of today, this bank has fully funded every application for non-usury loans (no interest).
https://www.communitysourcedcapital.com/(Today is Aug 31, 2014, and a new round of loans may come up soon.) Larry, instead of covering usury, which you know to be wrong in your faith, with situational ethics and lifeboat legalism, why not just say how come you a fronting LendVantage?
He declined to say how much he was paid for the LendVantage commercials.Feel free to forward this by email to three of your friends.
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