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Acadian Plaza, 2210 Decker Boulevard: February 2016   12 comments

Posted at 12:34 am in closing

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I have noticed this little strip on Decker driving by over the years, mostly because of Piper's Hair Care uwhich I never could quite figure out if it were closed or not. (It was). Now the whole place is empty and for let.

It's certainly not the worst looking real estate on the corridor.

12 Responses to 'Acadian Plaza, 2210 Decker Boulevard: February 2016'

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  1. How many hair care, nail, wig, & extension places can 2 square blocks support even for the Decker corridor. This place has been sooooooooooo many different "businesses" over the years that it really is no use to anyone. The only way for Decker to get rid of it's run down image is to raze and rebuild. Never has happened and never will unfortunately.

    palmettoconnection

    2 Mar 16 at 11:30 am

  2. It is a positive that the title loan industry lost one of it's loan shark store fronts. Just praying on the less fortunate and desperate.

    palmettoconnection

    2 Mar 16 at 11:36 am

  3. What kind of fees do title loan businesses charge?
    For instance, on a $1,000 short term loan?

    Joe Shlabotnik

    2 Mar 16 at 1:59 pm

  4. @Joe - I did a freeze frame on the fine print from one of the title loan offices (can't remember which one) but it stated an APR of up to 95% depending upon the credit rating.

    Homer

    3 Mar 16 at 12:13 am

  5. @Joe that means that you could possibly pay $950 interest on $1000 loan. If that ain't legalized loan sharking, then I don't know what is. If someone were in that position then they would ultimately lose their only transportation to get to work, which would then probably lead to job loss. It's the gift that keeps on taking. Actually, they would pull the customer in to "refinance" the loan if they are having trouble paying, which means they would take the principal balance plus the interest due and roll it into a new loan amount. The interest on the "new" loan would sky rocket to near the max. It is really set up for the borrower to fail to pay the loan back. bye bye ride...

    palmettoconnection

    5 Mar 16 at 9:22 pm

  6. at#Joe@

    JBL

    6 Mar 16 at 12:38 pm

  7. PalCon, I'm with you on the absurdity of title loans. How exactly did you get the interest on a $1000 loan?

    JBL

    6 Mar 16 at 1:06 pm

  8. @JBL you can multiply the loan amount by the interest rate to get the total amount owed over the life of the loan. It wouldn't be that much if you paid it off early, unless there was a prepayment penalty. It wouldn't surprise me at all if a prepayment penalty was put into the fine print of these contracts.

    palmettoconnection

    7 Mar 16 at 11:26 am

  9. It's actually worse than that. Title loans are 30-day terms, and can roll over into new loans six times. Also, there's no upper limit on the interest rate beyond what the market sets in this state of ours, as long as the loan is for more than $600. That 95% interest rate isn't the APR, it's the most that lender will charge per month. With a 6-month max rollover (per SC state law), that works out to an APR of 570%. If you get $1,000 on a 95% interest title loan and don't pay anything on it, after six months you'll owe an astonishing amount of money: almost $55,000 (don't forget to compound your interest, kids) before fees. Yes, there are also fees. There are always fees.

    But you get an additional six months to pay that off, and interest cannot accrue during this period, which is a small favor. More typically you would find yourself paying in the 25-30% range, which works out to an APR of "only" 150-180%, and that thousand dollars could cost you as little as $3,815 at the 25% rate. Or less, if you pay on it the whole time. You can even pay it off early if you like - prepayment penalties are illegal for title loans.

    Jason

    7 Mar 16 at 9:24 pm

  10. Jason, you seem to have a wealth of information on this subject. Approximately what percentage of vehicles are claimed (on a per loan basis) when the owners cannot match the charge? Do the loan companies hire collectors to compensate the unpaid loans? Are the vehicles then sold at auction?

    Coming soon to the History Channel: Title Loan Stars

    Joe Shlabotnik

    8 Mar 16 at 3:40 am

  11. Yes, Jason, that's what I was getting at. I knew amortization is a little more complicated than simple multiplication. And as you said, worse.

    JBL

    20 Mar 16 at 1:06 am

  12. Joe, I don't know any percentages of how many vehicles are claimed, but when that does happen, the vehicles are typically auctioned off. Third-party loan collectors generally won't get involved because there's no need to: the title loan company has the title of the car and the loan is always for much less than the value of the car, so if they don't get their money they'll just come claim the car, sell it at auction, and still come out ahead.

    Jason

    21 Mar 16 at 1:43 pm

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