yeah-i went into their store to cash a payroll check and they wanted to charge me some outrageous fee so i contact my state legislator and now am working on lobbying for a petition group to restrict there service fees and put caps on their pricing structure for loans-we are having huge success-working with MADD group who also wants to take on this issue-appears morality groups want these guy out of business or put them to work in homeless shelters.
What you don't understand is that this is a "for profit" business. Your check probably was OK, but many are not. The loss factors have to be figured into the fees. Remember, they are NOT a bank, and their only income against their expenses is their fees. They are not making money from interest on such things as mortages, car loans, etc.When a person's financial status has sunk to the point where banks, credit unions and other financial institutions will not deal with them, they are considered VERY high risk, thus they must pay more for the "trust" factor.
!'m just starting to look at this. Saw your posts on Fool boards. If you're still following, what thoughts do you have on the 10k that just came out? http://ragingbull.tenkwizard.com/contents.php?repo=tenk&ipage=1503929The projected eps for 02 kicks out an attractive multiple if it's to be beleived. Based on the yahoo profile, it looked like they had net cash exceeding share price, but quick glance at K shows otherwise.Looks like a lot of legal activity...and regulatory issues.Again I just glanced at it, though.Interested in your comments if your still following this.Bob
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