by Ivan » Thu May 08, 2025 7:22 am
NickyEyes1 wrote: ↑Thu May 08, 2025 7:01 am
Ivan wrote: ↑Thu May 08, 2025 5:28 am
Never heard of this knockdown loans thing before. Is it a recent innovation by mob loan sharks?
If a guy owed you 10k and he pays you 5k, now he owes you 5k. That's all it is. Some of these guys require to pay in full or continue paying juice. Which sounds like asking for problems imo.
So they idea is to get as much as you can in extortionate interest rates for say a year or two, and then switch to paying off the principal after enjoying that initial profit, right? That seems like a lot less potentially explosive than keeping a guy on the hook forever and letting resentment build.
Loan someone $10K, let them pay $10K in interest for a year or so, then have them pay off the principal gradually. $10K profit with a lot less bad blood developing. Smart.
Thanks, I'd somehow never heard of this before. I was under the impression that if you had a loan from a loanshark, you
always had to pay the same two points weekly (or whatever it's set at) no matter how much of the principal is paid off.
[quote=NickyEyes1 post_id=293465 time=1746712869 user_id=70]
[quote=Ivan post_id=293459 time=1746707314 user_id=64]
Never heard of this knockdown loans thing before. Is it a recent innovation by mob loan sharks?
[/quote]
If a guy owed you 10k and he pays you 5k, now he owes you 5k. That's all it is. Some of these guys require to pay in full or continue paying juice. Which sounds like asking for problems imo.
[/quote]
So they idea is to get as much as you can in extortionate interest rates for say a year or two, and then switch to paying off the principal after enjoying that initial profit, right? That seems like a lot less potentially explosive than keeping a guy on the hook forever and letting resentment build.
Loan someone $10K, let them pay $10K in interest for a year or so, then have them pay off the principal gradually. $10K profit with a lot less bad blood developing. Smart.
Thanks, I'd somehow never heard of this before. I was under the impression that if you had a loan from a loanshark, you [i]always[/i] had to pay the same two points weekly (or whatever it's set at) no matter how much of the principal is paid off.