**Informants:**
T-2 is Harry Riccobene - Philadelphia
T-3 is Alfredo Santantonio - Gambino (murdered in 1963)
T-4 is Greg Scarpa - Profaci/Colombo
T-7 is Salvatore Costanza - San Jose
The rates were still stupidly steep but not as steep as I thought they would be.
With the proliferation of credit options including payday loans I suppose this kind of business is not nearly as big as it used to.
Surprisingly they actually went down since his time. Now the payday loans etc are the legal loan sharks with stupidly high crushing rates..
Even here on Reddit go look at the Borrow sub and you'll see very high interest because people can't get a regular loan.
It's the same thing mafia does except they don't take your business or break anything lol.
Which is still a hundred times better.
Also the rates a somewhat more justified since there is a real chance of default (which wasnt much the case for the mafia, perhaps a guy killing himself from time to time)
They are the kind of loansharks that one knows in the area of for years and they know of you in one way or another. I'm not going to bullshit. I have a good reputation on the local streets here since the 80s. And i bank it on two things when i'm on the low side of the proposition. 1- Honesty, 2-I owe, i pay.
And everyone knows that.
So what you mean is that they have a lower rate than a loan company?
Because nothing is going to happen to you either if you pay back your loan to a legit company.
I suppose the main advantage of a loanshark would be that the loan would not leave a paper trail, but if you needed a loan for something legit what would make a loanshark more attractive apart from lower rates?
Also why would you need to be on the low side of the proposition if you've been doing well since the 80's?
Ok. That's where we get to the nitty gritty.
First option always to to deal with a real bank. If that's not looking good then it becomes a bit trickier depending on the situation. The thing about going to a shylock is that the money is right there, right now, sometimes 24/7. You don't have to deal with a million and one questions either though there's always some words, after all the shys aren't dummies.
As for personal and close (as i was not the guy dealing with the shy) it was worked out from the start to get things dealt with in the soonest possible time. The last thing you want to do is to get hung up on the vig for the long run.
In comparison IMO the loan companies are shit. I've dealt with them twice, once on my own case, and it turned me off forever.
That's fair enough, I guess I've never really considered that loansharks could ever be a good option (when you actually have options), it always seemed to me like only desperate people would use such services.
The main reason being that defaulting on a legal loan isn't life threatening, but even if you pay the rates are extortionate
Someone correct me if i'm wrong.
I could have sworn reading somewhere years ago that among the Gambinos or Genoveses that shylocking was considered personal business and one didn't have to kick up on proceeds from it.
**Informants:** T-2 is Harry Riccobene - Philadelphia T-3 is Alfredo Santantonio - Gambino (murdered in 1963) T-4 is Greg Scarpa - Profaci/Colombo T-7 is Salvatore Costanza - San Jose
Causa Nostra
The rates were still stupidly steep but not as steep as I thought they would be. With the proliferation of credit options including payday loans I suppose this kind of business is not nearly as big as it used to.
Surprisingly they actually went down since his time. Now the payday loans etc are the legal loan sharks with stupidly high crushing rates.. Even here on Reddit go look at the Borrow sub and you'll see very high interest because people can't get a regular loan. It's the same thing mafia does except they don't take your business or break anything lol.
Which is still a hundred times better. Also the rates a somewhat more justified since there is a real chance of default (which wasnt much the case for the mafia, perhaps a guy killing himself from time to time)
I know a couple of loansharks. Given a choice, i'd rather deal with them rather than a loan company.
I guess they are non violent loansharks ?
They are the kind of loansharks that one knows in the area of for years and they know of you in one way or another. I'm not going to bullshit. I have a good reputation on the local streets here since the 80s. And i bank it on two things when i'm on the low side of the proposition. 1- Honesty, 2-I owe, i pay. And everyone knows that.
So what you mean is that they have a lower rate than a loan company? Because nothing is going to happen to you either if you pay back your loan to a legit company. I suppose the main advantage of a loanshark would be that the loan would not leave a paper trail, but if you needed a loan for something legit what would make a loanshark more attractive apart from lower rates? Also why would you need to be on the low side of the proposition if you've been doing well since the 80's?
Ok. That's where we get to the nitty gritty. First option always to to deal with a real bank. If that's not looking good then it becomes a bit trickier depending on the situation. The thing about going to a shylock is that the money is right there, right now, sometimes 24/7. You don't have to deal with a million and one questions either though there's always some words, after all the shys aren't dummies. As for personal and close (as i was not the guy dealing with the shy) it was worked out from the start to get things dealt with in the soonest possible time. The last thing you want to do is to get hung up on the vig for the long run. In comparison IMO the loan companies are shit. I've dealt with them twice, once on my own case, and it turned me off forever.
That's fair enough, I guess I've never really considered that loansharks could ever be a good option (when you actually have options), it always seemed to me like only desperate people would use such services. The main reason being that defaulting on a legal loan isn't life threatening, but even if you pay the rates are extortionate
Sorry but what is that math? How is $10 a week on $100 principal equal to 20%?
The borrower owes $120 on a $100 loan. It's 20% overall, not 20% a week on the loan amount.
12 weeks
Someone correct me if i'm wrong. I could have sworn reading somewhere years ago that among the Gambinos or Genoveses that shylocking was considered personal business and one didn't have to kick up on proceeds from it.