Subnostr

Consider me jaded, but I wouldn't be surprised if the latest news of US payday loans for take away food is Big Finance's latest stab at reposessing the posessions and property of people.

I just would not be surprised if a bank started reposessing peoples properties for defaulting on thirty dollars of fast food deliveries. Yes, you may call me crazy for that.

#us #banks

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a source familiar with the matter 10mo ago

I don't think that's how it works

Repo is not "we come steal whatever we want", it's "you made this particular piece of property collateral on a loan and since you've defaulted on that loan we are taking the collateral"

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Discussion

Autumn Sun ☀️🌘☯️ 10mo ago

Sure, I'd have to read the loan agreement and details to have any notion of what terms of loan is.

a source familiar with the matter 10mo ago

I think it's much more likely they make your next paycheck the collateral (and they can potentially get their claims against it deducted by your employer before it ever gets to you)