What is Courts interest rate

[PariaMan]

Just open a credit union account put some cash then take a loan and buy cash. It will save alot

[killercow]

Just open a credit union account put some cash then take a loan and buy cash. It will save alot

While this is the best advice on the thread, for a certain financial category of trinis, money does only save for boat ride, shoes and gold to present the false 'I have' image.

Either credit union or a reliable trustworthy sou-sou is the best bet.

[Chimera]

that qualifies as predatory lending in my book.
their target market can't afford it, and don't have much options elsewhere.

I disagree.

Christmas 2023 I gave out over 70 phones pn courts financing
Atleast 30 of those people never made a single payment for their item and courts has to fight up with bailiff and trying to recover funds

When someone takes a 4 year plan for an item courts doesn't get back their principal investment for the first 2 years.

[pugboy]

courts might decide to be selective on what they provide financing for based on product

that qualifies as predatory lending in my book.
their target market can't afford it, and don't have much options elsewhere.

I disagree.

Christmas 2023 I gave out over 70 phones pn courts financing
Atleast 30 of those people never made a single payment for their item and courts has to fight up with bailiff and trying to recover funds

When someone takes a 4 year plan for an item courts doesn't get back their principal investment for the first 2 years.

[Chimera]

They changed recently. Cellphones you can only get up to 2 year plans. Other electronics and items you can get 4 years

[PariaMan]

Since people have to satisfy more or less the same requirements for loan from the credit union or hire purchase I think they are just making uninformed decisions and are honey trapped by the buy now pay later schemes.These things would never be allowed in proper countries.

[Chimera]

If thats the case why wouldn't people go to the bank and get the cash and buy the item if it's the same requirements?

[adnj]

If thats the case why wouldn't people go to the bank and get the cash and buy the item if it's the same requirements?

^^ Trick question.

[PariaMan]

If thats the case why wouldn't people go to the bank and get the cash and buy the item if it's the same requirements?

I can think of three reasons

1. Banks do no like to lend small amounts of money like day 5000 dollars

2. Courts could offer 3 months or some other amount before you make your first payment

3 . the convenience of one rather that two institutions to deal with

That's why credit union works better for these purposes

[pugboy]

the main answer is risk management
courts would have a high debt failure % which they are fine with
banks operate with as little risk as possible

[PariaMan]

the main answer is risk management
courts would have a high debt failure % which they are fine with
banks operate with as little risk as possible

Not following you as a response as to why people doh go to the bank.

As far as I know because of loan fees and paper work involved banks will not really lend say 5000 dollars

Credit Unions how ever will

When I bought things at Courts even with 3 months for cash I still need job letter ect

[pugboy]

the banks don’t give loans for things of such risk
the riskiest thing a bank will give a loan for is a car and even that will be insured

if a cars were $5k they still wouldn’t give out a $5k loan for non car use since you can’t insure a phone

the main answer is risk management
courts would have a high debt failure % which they are fine with
banks operate with as little risk as possible

Not following you as a response as to why people doh go to the bank.

As far as I know because of loan fees and paper work involved banks will not really lend say 5000 dollars

Credit Unions how ever will

When I bought things at Courts even with 3 months for cash I still need job letter ect

[Chimera]

Banks does give loans for carnival costume and laptop and anything

[pugboy]

with full collateral coverage ent

[88sins]

with full collateral coverage ent

Not necessarily, but they have some mechanisms in place, so thay if a borrower defaults, the loan is not a total loss.

[Mmoney607]

I would think all these personal loans would be handled the same: JMMB express finance, term finance, massy finance, make it happen loan etc

[pugboy]

don’t forget island finance, credit chex and your friend whe whe banker

[Chimera]

i always thought island finance was a local company or owned by someone in the caribbean

google them and check them out and their parent company