A Recession for Thugs Too
Posted by Bossip Staff
The credit crunch is hurting just about everyone’s stacks, even ‘Benny The Loan Shark’. We hate to be pessimistic but we just think the anthem next year is going to be “gimme the loot”.:
Benny the Loan Shark has something in common with banks – he’s made loans to subprime borrowers in danger of defaulting. But he’s not likely to get taxpayer money to buy his nonperforming assets, so the low-level street lender is thinking of a radical change in the way he does business. “I’m not really worried about people borrowing money from me, what I worry a lot about is whether they’ll pay it back,” said the 40-year-old whose “office” is the streets of the Belmont section of The Bronx. “I’m going to have to start collecting collateral – you know, like jewelry, wedding bands, necklaces and family heirlooms.” Benny, who makes loans of $100 to $200 and charges about $50 a week interest, predicts the downturn won’t affect his customers for a week or two. Those who do business with him don’t have to worry about goons coming at them with baseball bats.
That’s only for the big-time lenders, who make loans of $5,000 to $10,000, Benny said. They’re currently dispatching gorillas to collect.
“They’re getting hit hard,” said Benny, who says he has spoken to “associates” who operate in Midtown and Wall Street.”There are a lot of bankers and investment brokers who have gambling problems and cocaine addictions who lost their jobs.” Tanda, a 40-year-old mid-level loan shark who operates in upper Manhattan, said he lowered his interest rates by 50 percent during the spike in gas prices to drum up more customers. They’re mostly small-store owners, cabdrivers and occasionally, drug dealers.
“They had hard times before, now they can’t get anything from a bank. So I am it for them. Some people see an opportunity and kill them [charge more interest], so I decided to charge less. It gives me good word of mouth, and I get repeat business.” Tanda says he charges about $200 a week on a $500 loan and $400 a week on a $1,000 loan. His limit is $5,000. “Wall Street should take a lesson from me, I never lend what I can’t afford to lose – and I lose very little,” he said.
SMH.
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^^^ We know what happened to hi ass after that… Sam Jack wasn’t playin… But this is bullshit, an E-loan shark??? Right….
On a sidenote: Was it just me or was there a who’s nailin sarah palin thread on for a hot minute?
Happy Monday Peoples!!!!
People that have to take out loans for $100 are CRACKHEADS. I should know, I was one.
How the fuck did my post shoot to the top?? Hmm….
my friends mother does the same thing except she has all the chinese stores, restuarants, nails salons and so on on lock!!! they go to her because if they need the money quickly she can get it to them faster than a bank can and sometimes there is a language barrier too, so they like dealing with her better…she’s a shark though because the interest she charges them is crazy but that woman is living the good life! lmao, i gotta ask my friend what his mom does when they late with the payments….
test?
*screw face*
I have so many wtf’s I don’t even know where to begin. lol
1. “I’m not really worried about people borrowing money from me, what I worry a lot about is whether they’ll pay it back,”
WTF?
2. Charging almost 50% each week interest?
WTF?
3. Going to a loan shark for $100-200??? Damn, Pookie and them couldn’t have a yard sale, car wash, nothing?
W T F??!!!
1 time for your mind…
cock diezel cock is good.
Damn in the top 5 I thought you had to be working for bossip to even make the top ten ” Texas Baby ” all day
Where’d he get all the money he’s loanin out?
alrighty then! who is this clown?!
smh at everything going on in this nation. Obama-Biden 08….
Well he seems to have a good business plan..he is not paying taxes on this money but there are alot of other illegal things going on
good morning RE and BE! happy monday bonitas!
errybody else that ain’t in here yet, GOOD MORNING!
Thats right never loan outmore than you can afford to lose
Good Morning Nue!
Hey Re!
Goodmornin to Nue (no pun intended!) and BE! What a glorious Monday it is…
We gotta find a way to come up
: ( THIS IS ALL SO FUNNY. THEY COULD BE DOING OTHER THINGS LESS SMARTER SO I GUESS THEIR BOATS SURELY FLOAT.
GOOD MORNING BOSSIP FOLK
I MEAN IT IS WHAT IT IS
”There are a lot of bankers and investment brokers who have gambling problems and cocaine addictions” Thats why Wall Street is fuk’d up now.. SMDH…. sniffin and gambling all the money away….
oh yeah good morning errybody, esp. you Re (lookin’ like Sunshine on a pretty day)
Street Hustlers gotta stay above water too I guess
I wud say get a real job, but hell even those are going away
“i told you i’ll pay yo monkey ass when i feel like it”….”betta suck..my..DICK”!
oh my
Is it just me or do the Bossip writers need to listen to some new music?
@IJM HEY SUGAR PLUM! I MISSED THE SHIT OUT OF YOU AND THE GET HIGH CREW………IM BACK AND ITZ TIME TI RE UP OPEN THE WINDOWS..ITZ GETTING FOGGY IN THIS BYTCH!
It’s really getting hard out here for a pimp when you gotta hit up a thug for a loan…talk about leaping into the fire
YEA BAD ECONOMY EFFECT EVERY LEVEL OF THE GAME
http://www.myspace.com/thagrindaholic
“OK IF YOU THA SHIT THEN IM THE BATHROOM”
smart business plan. I have a question though…if you arent using goons to get your money back when people dont pay you back, how do you get your money back?
…
This doesn’t surprise me at all because Black people are very SMART when given the chance to prove it. He may turn out to be a big banker, himself, one day, with branches throughout Manhattan. Aint nothing wrong with someone looking out for the little guy and someone of their own peers, too.
And that’s real!
Be all you can be nigga!
I know that fella !
Afrotrepreneural…nuffin can keep black folk from handling their business!
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That is why his name is Benny the Loan shark, lol…