WTF? ..... Our Usurious economy on steroids.

[marmar]

Sonic Drive-In restaurants around Phoenix have added a new item to their menu of workplace benefits: short-term, high-fee loans.

Arizona Restaurant Systems Inc., a Scottsdale, Ariz., company that operates 28 Sonic locations in the state, allows workers to take out loans ranging from $150 to $500 that typically last two weeks.

The fees, ranging from $8 to $25 plus interest, don't go to the restaurant franchisee, but to a lender called Think Finance Inc., which makes the loans. Based on the fees, the loans carry an effective annual percentage rate of 100% to 165%.

"Our employees are typically living paycheck to paycheck," said Spencer Manke, chief financial officer of Arizona Restaurant Systems. He said employees typically repay the loans directly from their paychecks. ....................(more)

The complete piece is at: http://online.wsj.com/news/articles/SB10001424052702304173704579260103123794992

[Th1onein]

1. Good grief. They really have no shame, do they?

[bvar22]

2. YAY America!

This wouldn't be happen if we had a Political Party that represented the Working Class.
We used to have one,
but that is long gone.

[Egalitarian Thug]

3. I owe my soul to the company store. K&R

[tecelote]

11. Beat me to it.

[LanternWaste]

4. This is an accurate illustration of why I reject the...

This is an accurate illustration of why I reject the "if it's a consensual contract (written or not) both parties agrees to it should be legal" ethical premise for social ills so many subscribe to.

[kcr]

9. Yes, this is indeed a good example.

That rationale is so often used to rationalize a lot of bad things.

[geek tragedy]

10. Indeed, one would have thought such nonsense would have died with Lochner nt

[xchrom]

5. du rec.

[wryter2000]

6. dupe

This is horrible.

[malthaussen]

7. When do they put in the kiosks for organ-sales-while-u-wait? n/t

[JEB]

8. Kick 'em when they're down.

Its in the Free Market handbook. And their greasy food sucks too.

[h2ebits]

12. BOYCOTT Sonic and Arizona Restaurant Systems, Inc.

This should be illegal and if it isn't already; then it needs to be!

[benld74]

13. No more Sonic for this one, EVA!

[El_Johns]

14. When I was young & worked in restaurants/bars, some employers would let you take a short-term

"draw" at no interest.

I hadn't thought of that in years.
100-125% interest = usury. Especially when repayment is guaranteed, since minimum wage employees typically are working at least one - two weeks ahead of payment of wages.

[onethatcares]

15. we are number one, we are number one

there is no shame left in this country, not a shred. Everything is for the gaudamm dollar and fuck you if you don't have one.

I will never set foot in a Sonic again (not that I eat there that much, but they won't get another dime from this guy)

[BadGimp]

16. this is absolutely sickening

[woo me with science]

17. K&R

[awoke_in_2003]

18. You say your employees are living paycheck to paycheck...

and this is your answer? Disgusting. Rec for exposure.