Cash converters rip off

[spannermonkey]

I want to camp outside these places one day and take their business away, ie throw 10% on top of any offer for gold/silver.

Just so you know & anybody else who thinks about it
It's actually a crime & you can get arrested for it

Haha really? What law does it come under? Obstructing business?

I have no idea what department
But my local pawnbroker tells me & his been in business for over 35 years in the same shop
Your not allowed to purchase from Jo Blog on the street .
Sunday markets & such are the only places where you can
That's what second hand dealers/ pawn brokers licenses are all about

 

[Clawhammer]

I want to camp outside these places one day and take their business away, ie throw 10% on top of any offer for gold/silver.

Just so you know & anybody else who thinks about it
It's actually a crime & you can get arrested for it

Haha really? What law does it come under? Obstructing business?

Comes under Panhandling and Hawking laws.

Just try going down your locl pub and let everyone know you're interested in buying/selling "second hand goods" and see how long it takes before the filth arrives.

 

[Clawhammer]

yep. you even need a licence to vendor your own home grown vegatables.

They also stopped people selling home grown chook eggs and from granny selling her cakes and conserves at the local fete/markets.
This is to stop people getting sick from unsanitary food handling practises.

We had people in Brisbane getting seriously sick Salmonella, Tape worms & worse (animal diseases) from old grannies that let their pets get involved in the cake mixing tasting process, "new-austrailian" gardeners that were fertilising their produce with... ahem... "night soil" and cracked eggs that had been sitting under a bush for a couple of days in before being given to the neighbours.

 

[reggie]

"Everything is worth what it's purchaser will pay for it."

"crap"

Great contribution. Care to explain your reasoning?

 

[LTEK4NZ]

"Everything is worth what it's purchaser will pay for it."

"crap"

Great contribution. Care to explain your reasoning?

they don't agree with you. but they have no logical reason to disagree.

 

[reggie]

I thought I'd at least give them the chance...

 

[LTEK4NZ]

I thought I'd at least give them the chance...

i waited four minuets before making an assumption. that's a age in internet time.
they don't defend themselves they are fair game right? tho there is not much defense for that statement.

 

[REDBACK]

if people need to use them someone its their call. trashing cash convertors for what they do well then put up and show us you can do better.

as pointed out, silver has sold here for what they ask ???????

Agreed,CC provides a service to the community and food on the table for a lot of people.If there wasn't a Cash convertors-would that be better?? :/
I think knocking Cash convertors is a bit elitist,i for one would prefer they exist.
They serve a purpose for many. :|
I put this in the same basket as knocking McDonalds and the convoluted arguments against that franchise.

REDBACK

 

[House]

I think that it's because forum members here know the true value of the metals that they see CC and other similar companies as vultures etc. and are obviously against them which is fair enough but I don't see anyone else taking the risk and offering an alternative.

Similar thread was posted 2 weeks ago http://forums.silverstackers.com/topic-34866-absolute-numptys.html

 

[Clawhammer]

if people need to use them someone its their call. trashing cash convertors for what they do well then put up and show us you can do better.

as pointed out, silver has sold here for what they ask ???????

Agreed,CC provides a service to the community and food on the table for a lot of people.If there wasn't a Cash convertors-would that be better?? :/
I think knocking Cash convertors is a bit elitist,i for one would prefer they exist.
They serve a purpose for many. :|
I put this in the same basket as knocking McDonalds and the convoluted arguments against that franchise.

REDBACK

You obviously haven't been burlgarised REDBACK.

Any police officer will tell you your stuff will be on the next CC truck you see driving about the countryside, moving your stolen property interstate where you won't be able to identify it.
What would be better?... how about lower insurance premiums, making it harder for crims to move their (i.e. our) stolen goods and far less property crime.
Local Licensed pawn brokers are a better option.

 

[gcsun]

Ihave no problem with the cash converters business model. It's their rip off interest rates on loans to ppl that are on low incomes to begin with. Rates are 35% initial fee + 48% interest! Should not be legal, means you pay week over 3k for a 2k loan etc.

 

[REDBACK]

if people need to use them someone its their call. trashing cash convertors for what they do well then put up and show us you can do better.

as pointed out, silver has sold here for what they ask ???????

Agreed,CC provides a service to the community and food on the table for a lot of people.If there wasn't a Cash convertors-would that be better?? :/
I think knocking Cash convertors is a bit elitist,i for one would prefer they exist.
They serve a purpose for many. :|
I put this in the same basket as knocking McDonalds and the convoluted arguments against that franchise.

REDBACK

You obviously haven't been burlgarised REDBACK.

Any police officer will tell you your stuff will be on the next CC truck you see driving about the countryside, moving your stolen property interstate where you won't be able to identify it.
What would be better?... how about lower insurance premiums, making it harder for crims to move their (i.e. our) stolen goods and far less property crime.
Local Licensed pawn brokers are a better option.

Pretty ridiculous argument against CC
They provide a great service to the community and much needed.
Most of the arguments against CC are purely emotiveand dare i say it most people on SS would not have to rely on their service.
Therein lies the problem perhaps.

 

[REDBACK]

Ihave no problem with the cash converters business model. It's their rip off interest rates on loans to ppl that are on low incomes to begin with. Rates are 35% initial fee + 48% interest! Should not be legal, means you pay week over 3k for a 2k loan etc.

Then perhaps you should start a business and lend at a lower rate?

Below from the cash converters website-"God Bless them"


Loan Costs

Our Personal Finance fees and charges explained
With every loan, whether it's from Cash Converters, a Building Society or a Bank, there is a cost in providing the loan. The costs relate to expenses such as staff salaries, building rent, hardware such as computers and many other things that simply cost money. We often refer to this as the cost to "establish" or, set up of the loan.


When you take out a mortgage on a home, the costs relating to the establishment of the loan are spread out over the term of the loan often several years or decades. For a large loan like a mortgage the cost to establish the loan is relatively small, compared to the size of the loan. So over this long loan term and for a large loan amount, you hardly notice what this original cost to "establish" the loan actually is. These sorts of loans are typically $300,000 and are paid back over 30 years.
It's almost the exact opposite of the situation with a Cash Converters small amount short term loan.
At Cash Converters, the loans are small and repaid over a shorter term so the cost to "establish" the short term loan is large relative to the loan size. Also the cost to establish the loan needs to be recovered in a much shorter period of time. Our Cash Advance loans for example, are typically $300 and paid back over one month.


There is much debate about this point. Those who criticise short term loans try to compare the cost in a common way, however it is difficult to compare a large loan paid back over a long period of time ($300,000 over 30 years) to a small cash loan paid back over a short period of time ($300 over 1 month). Just as you wouldn't take out a Cash Converters short term cash loan to buy a house, you wouldn't take out a mortgage to fix your car!


At Cash Converters, we simply aim to provide a safe service in a convenient way for people who need a service such as Personal Finance, and we're happy to help.

 

[Eureka Moments]

Ihave no problem with the cash converters business model. It's their rip off interest rates on loans to ppl that are on low incomes to begin with. Rates are 35% initial fee + 48% interest! Should not be legal, means you pay week over 3k for a 2k loan etc.

Then perhaps you should start a business and lend at a lower rate?

Below from the cash converters website-"God Bless them"


Loan Costs

Our Personal Finance fees and charges explained
With every loan, whether it's from Cash Converters, a Building Society or a Bank, there is a cost in providing the loan. The costs relate to expenses such as staff salaries, building rent, hardware such as computers and many other things that simply cost money. We often refer to this as the cost to "establish" or, set up of the loan.


When you take out a mortgage on a home, the costs relating to the establishment of the loan are spread out over the term of the loan often several years or decades. For a large loan like a mortgage the cost to establish the loan is relatively small, compared to the size of the loan. So over this long loan term and for a large loan amount, you hardly notice what this original cost to "establish" the loan actually is. These sorts of loans are typically $300,000 and are paid back over 30 years.
It's almost the exact opposite of the situation with a Cash Converters small amount short term loan.
At Cash Converters, the loans are small and repaid over a shorter term so the cost to "establish" the short term loan is large relative to the loan size. Also the cost to establish the loan needs to be recovered in a much shorter period of time. Our Cash Advance loans for example, are typically $300 and paid back over one month.


There is much debate about this point. Those who criticise short term loans try to compare the cost in a common way, however it is difficult to compare a large loan paid back over a long period of time ($300,000 over 30 years) to a small cash loan paid back over a short period of time ($300 over 1 month). Just as you wouldn't take out a Cash Converters short term cash loan to buy a house, you wouldn't take out a mortgage to fix your car!


At Cash Converters, we simply aim to provide a safe service in a convenient way for people who need a service such as Personal Finance, and we're happy to help.

Kick a poor bastard while they're down. Highly successful business model.

I should get a franchise and support scrapping welfare. Be retired inside 10 years I reckon.

 

[GoldenEgg]

yep. you even need a licence to vendor your own home grown vegatables.

They also stopped people selling home grown chook eggs and from granny selling her cakes and conserves at the local fete/markets.
This is to stop people getting sick from unsanitary food handling practises.

We had people in Brisbane getting seriously sick Salmonella, Tape worms & worse (animal diseases) from old grannies that let their pets get involved in the cake mixing tasting process, "new-austrailian" gardeners that were fertilising their produce with... ahem... "night soil" and cracked eggs that had been sitting under a bush for a couple of days in before being given to the neighbours.

These are a tiny minority of cases.If you want to talk about food safety why not start with genetically modified cottonseed oil (A common oil for frying, 95% of cotton in Australia is genetically modified) along with other toxic processed ingredients that are approved by regulators like aspartame.Also have you done any research on how many roaches end up in chocolate? http://www.11points.com/Food-Drink/...mes_Sexy)_Ingredients_Hidden_In_Popular_Foods

 

[renovator]

yep. you even need a licence to vendor your own home grown vegatables.

They also stopped people selling home grown chook eggs and from granny selling her cakes and conserves at the local fete/markets.
This is to stop people getting sick from unsanitary food handling practises.

We had people in Brisbane getting seriously sick Salmonella, Tape worms & worse (animal diseases) from old grannies that let their pets get involved in the cake mixing tasting process, "new-austrailian" gardeners that were fertilising their produce with... ahem... "night soil" and cracked eggs that had been sitting under a bush for a couple of days in before being given to the neighbours.

These are a tiny minority of cases.If you want to talk about food safety why not start with genetically modified cottonseed oil (A common oil for frying, 95% of cotton in Australia is genetically modified) along with other toxic processed ingredients that are approved by regulators like aspartame.Also have you done any research on how many roaches end up in chocolate? http://www.11points.com/Food-Drink/...mes_Sexy)_Ingredients_Hidden_In_Popular_Foods

Good point regarding cotton seed oil . A lot of takeaway food is fried in cottonseed oil & has been for years .I cut down (nearly cut out altogether if im being honest ) fried foods from local take away shops when i found that out years ago .. Who knows what they will find out in the next 20 years about GM foods . IMO its just not worth the risk .

 

[Eureka Moments]

yep. you even need a licence to vendor your own home grown vegatables.

They also stopped people selling home grown chook eggs and from granny selling her cakes and conserves at the local fete/markets.
This is to stop people getting sick from unsanitary food handling practises.

We had people in Brisbane getting seriously sick Salmonella, Tape worms & worse (animal diseases) from old grannies that let their pets get involved in the cake mixing tasting process, "new-austrailian" gardeners that were fertilising their produce with... ahem... "night soil" and cracked eggs that had been sitting under a bush for a couple of days in before being given to the neighbours.

These are a tiny minority of cases.If you want to talk about food safety why not start with genetically modified cottonseed oil (A common oil for frying, 95% of cotton in Australia is genetically modified) along with other toxic processed ingredients that are approved by regulators like aspartame.Also have you done any research on how many roaches end up in chocolate? http://www.11points.com/Food-Drink/...mes_Sexy)_Ingredients_Hidden_In_Popular_Foods

For years Ive thought they were raisens.

That's what Mum told me.