Profiting from Payday Loans in 2009
On an otherwise normal evening in 1964, a woman known as “Miss Witness” received a disturbing telephone call from alleged loan shark Frank Sacco. Here is her account of the call:
“That evening, I received a phone call from him to look at my car and that ‘it’ would happen to me if I didn’t pay up.”
The next day, the woman received another call, this time from her brother-in-law who had been using her car. He told her that a bomb had blown her car to bits.
This is not a scene from a classic mobster movie. This story is, in fact, a true account of a 1960s loan shark case in Yonkers, N.Y. The woman – who remained unidentified in news reports – told just one of the many horrific stories about threats and violence used by infamous loan shark rings throughout the country.
Many of the stories involve physical harm, irrevocable monetary problems and even murder. Luckily, we don’t hear of these types of cases anymore. With other financial options opening up over the last several decades, the need for loan sharks has put many of these criminals out of business for good.
A Painfully Dismal 2009 Forecast Uncovers a Profitable Opportunity
Millions of people all over the world are facing tough financial times these days. All the pundits have compared this economic downturn to the Great Depression. And yes, there are some similarities.
Economists expect unemployment will reach between 8.5-10% in 2009. The only stock market to post a gain last year was Tunisia – a small North African country. Mega players like the UAE and Iceland were all but wiped off the international investment stage.
Home foreclosures are expected to reach an all-time high this year, which will only add to the unbelievably high rate of homes for sale. Prices are still crashing – currently sitting about 35% below a year earlier.
Credit is nearly frozen. Banks and credit card companies alike are buckling down and leaving very little money free to loan out – even with the drastic actions undertaken in Washington.
We aren’t writing this to shock you. But you have to understand how bad it’s getting for some families. Bills don’t go away when the economy turns sour. And many people will need to turn to short-term lenders to get through these tough times.
The Solution to Millions of Americans’ Financial Problems
Many view payday loan shops as corrupt, greedy modern-day loan sharks. That’s simply not the case. These payday loan companies are providing a needed service. And as today’s current economic situation worsens, payday loan shops are cashing in.
No one likes to hear of families being turned out of their houses because of missed mortgage payments. Cash advance businesses offer a solution to these millions of families. Instead of eviction, one solution for a working family is to take out a short-term seven- or 14-day payday loan. Obviously, this is the last option. But faced with foreclosure, it’s becoming a more frequently used solution for many who never thought they’d be in that position.
Families facing foreclosure aren’t the only ones running to cash advance stores. Many are taking out payday loans to fund unexpected expenses. With more families living paycheck to paycheck than ever before, even paying for the basics is becoming difficult. Electric, telephone and grocery bills are becoming huge hassles for many.
In our newest issue of Penny Stock Fortunes, we’ve found one company that has its hand in many essential services that millions will inevitably look to over the next 12-18 months. This business is a key player in payday loans, check cashing, and money transfers. You can learn all about this great penny stock play by clicking on the link below to sign up for Penny Stock Fortunes…
January 16, 2009
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