European Stars And Stripes (Newspaper) - February 8, 1978, Darmstadt, Hesse The in Din old mine continued Tram Page ail known to Tell to bar salespeople customers defaulted when 11 the false Hood we used in cheat a salesperson out of the most us the savings Allol int to Fem to collect you Cut your bookkeeping reduce collection and you hive a dunce to collect More than the customer owes became 11 la of to him to Stop the allotment when the goods Are momv4eaders Lake different of raw per Bathe most comping in Fth racers credit and the first two Are on Post of Fering relatively Low interest Loans to qualified Onwu is loan firm see operating of Post but with some input connections most notably As Lender for charter Davis Agency and Muklar have Flynn Way later plans financed through Omnus interest rates run As much As 36 percent on Short term Omni president Fred elves resents criticism of this interest thai a 1250 Load Tor a charter flight Only costs in yet bears a 38 percent apr annual percentage rate for a three it fluid ii Doest hand like for the individual it same 1250 repaid in three months can be loaned four times during the mean ing total interest gathered on that Money Over the 12 months la four times which accounts for the 38 percent if individuals All took out 1250 Loans and Davis Agency alone had an estimated Gers in Many of whom borrowed More than 290 interest alone would come Munich merchant offered insight into the potential of the lending business when he said that at u the Lender will have enough coming in on repayments after 13 months to make Loans without fur ther use of his own after 17 or 18 the accumulating interest on previous and outstanding Loans will be sufficient to Supply future loan the original recycled Sev eral times is free and ii can be wed to generate further or it Hwy be As the Lender sees interest has turned his business into a perpetual motion if the interest rate is higher than u per such As that charged by Omni or government employees financial corporation a Wing of the process takes less said the u it is such u a credit unions or Ameri can it will take the Money Man hat Tome pub of course bad risk Loans can throw a Monkey wrench late hit and he must sustain mine pro omnis elves said that his write off Busi Ness Ems about percent that he eats that much lass in is Dollar volume be cause of total failure of some borrowers to with few of Post business men complain that Young military clientele b a High risk but few were Able to answer asked Why they sought the i Trade if it was so much of the business criticism levelled at Young military personnel u echoed by Mil itary authorities and banking among characteristics often singled out blowing their paychecks on booze and nightlife to wind up broke within a couple of Days after leaving creditors to 1 but from a business Point of there am several things to hut x Wood ilke 75 credit is expensive from the businessman Point of it is highly it is almost pure will Sale for their Money buying what they want whether or not hey really can i cafes sound Center clerk i who spotted a wednesday for a stereo receiver to be on Talent cent off the following Saturn showed up on two i the the clerk suggested saturday to save thet didst want to wait he paid Price buying merchandise a Tate ing to the or getting out Oft making ii impractical for i catching up with several merchants c stories about uces and credit arrangements i courage ois to quit merchandise and More often than excuse of riskiness of the i by High interest and merchants use i Ness to justify allotment i and merchants use Ness to justify High the Young Berv Teperson i credit so often Alle falling Doest seem to i of a variety of goods and i after easy buying of almost anything l financing la a part of the e to Sharp Bulnes people Are 1 their backs it would appear to be Worth 1 the stars and stripes
