Don't Sell You High Grade Coins Anymore

[Paul Kiraly 3]

A lot of members have been complaining that they had to sell their certified coins because of the times.I thought hard,Went to the banks,and I answered the call.There is a new company out there.Dedicated to holding your certified coins and giving you a cash loan. Go to www.certifiedcoinloan.com .A lot of people in here know me and I am honest to my word.Look it up

[MarkFeld]

Instead of selling your coins, you can send them to someone who doesn't provide any references on their website. And better yet, you can pay interest of 10% per MONTH to borrow against them. At that rate, you can increase your cost in them substantially and very quickly. I'm all over that deal!

 

[Paul Kiraly 3]

I have sold many high grade coins.I am only here to help the collecting community .I dont want people to sell their collection.If you need references ask lonnie helton, dr jason collinger , JMR collection , tradingslabs .I am good to my word.

 

[gmarguli]

I am only here to help the collecting community

 

Hoe can you call charging someone 120% annual interest helping the community? Especially since you only loan 50%-70% of market value. Your risk is minimal, yet you're asking to be paid as if there was a near certainty of default on the loan.

[MarkFeld]

I am only here to help the collecting community

Your terms sure don't back that up.

 

There are much more equitable ways to help "the collecting community", though granted, they wont make YOU nearly as much money. There are major firms and individuals, with outstanding credentials and which loan money against coins for a fraction of what you are offering to charge.

[Revenant]

I am only here to help the collecting community

 

Hoe can you call charging someone 120% annual interest helping the community? Especially since you only loan 50%-70% of market value. Your risk is minimal, yet you're asking to be paid as if there was a near certainty of default on the loan.

 

At those rates, the risk of default might be higher than you think.

[PCcoins]

I would have to pass... sorry

[jgrinz]

10% a month what are you nuts

I dont even give MYSELF loans at that high a rate

[Coindude]

If you need references ask lonnie helton, dr jason collinger , JMR collection , tradingslabs.I am good to my word.

You are touting Tradingslabs as a reference here, I'm a member over there and have never ever heard of this or never heard of anyone over there using it.

 

Also, there's a reference in this thread to "YOU" making money? Is this true? Are you affiliated?

[Coindude]

Looks like I answered my own question by visiting the site. The site apparently is owned by Mr. Kiraly.

 

Also, for those of you who were touting such high interest rates as 120% per year, you guys are absolutely wrong!!

 

It's only 60%, in 6 months... that's the max holding time!

 

And I quote:

What We Do

 

Our company holds a customers certified coins and will loan out 50-70% of the coins fair market value. We hold the coins for up to 6 months with 10% monthly interest rate. All transactions or completely confidential and 100% secure.

[jgrinz]

Technicalities

[Revenant]

Well guys, you have to give him this much, he's apparently too nice to charge compounding interest.

[physics-fan3.14]

Well guys, you have to give him this much, he's apparently too nice to charge compounding interest.

 

Definitely need to check all the appropriate laws and licenses and such if you want to try and do this, Paul.

 

And I have to agree, this does seem usurious and self serving, not really in the public interest.

 

I think done properly, something like this might be a good idea and helpful. But not as presently structured, and not with the current fees.

[Paul Kiraly 3]

So if there was a medical emergency,and you need 300.00 fast..and 2 months to pay if off so you dont go into dept and not be late on bills ...60.00 fee is worth it

[Coindude]

Well, the fact is, he's not making anyone use his services, and it doesn't look like we'll be filling up his phone lines.

 

Jason does bring up a good point here though, what are the legalities here?

[gmarguli]

So if there was a medical emergency,and you need 300.00 fast..and 2 months to pay if off so you dont go into dept and not be late on bills ...60.00 fee is worth it

 

So your way of helping the community is to want to take advantage of people in desperate situations. Awesome!

 

[gmarguli]

Well, the fact is, he's not making anyone use his services, and it doesn't look like we'll be filling up his phone lines.

 

Jason does bring up a good point here though, what are the legalities here?

 

The legalities were mentioned before, but NGC seems to have removed my post on it.

 

A quick search shows:

 

Louisiana Usury Laws

 

Louisiana has one of the more comprehensive usury statutes on the books anywhere in the United States. Louisiana has established a legal rate of interest that can be no more than one point over the Federal Prime Rate. However, the legal rate of interest in Louisiana, while tied to the Prime Rate, cannot exceed 14% nor can it drop below 7%.

 

With all of this said, the maximum usury limit for personal loans to individuals in Louisiana is 12%. The higher level is intended for corporations, for loans to corporations. The usury law limitations in Louisiana cannot be avoided by establishing a corporation when the loan actually is going to be made to an individual. Sham corporations established for the purposes of avoiding the application of the usury laws are illegal in Louisiana.

 

Louisiana is one of only a few state that actually establishes a minimum interest rate for personal or consumer loans. Throughout the United States, usury laws are those laws that have been established by the various states and that are designed to set forth a maximum legal interest rate, a maximum allowable interest rate for certain types of loans.

 

Generally speaking the Federal government has stayed out of the regulation of interest rates on what it considers purely private transactions. Arguably, the U.S. government would have the legal and Constitutional ability to intervene through the Commerce Clause of the U.S. Constitution -- but, historically, has chosen and elected not to do so. The only area in which the U.S. government has exercised any involvement in interest rates is in cases involving loans made through Federally charted banks and savings and loans, financial entities over which the U.S. government has exclusive regulatory authority at this point in time.

 

The statutory provisions governing appropriate interest rates in Louisiana are codified at Louisiana Revised Statutes chapters six and nine. Chapter six sets forth those instances in which the usury laws of Louisiana are not applicable. Conversely, chapter nine sets forth those instances in which the usury laws of the State of Louisiana are, in fact, applicable.

 

Keep in mind that this article has been created for informational purposes only. If you have any questions about usury laws in Louisiana, you should contact an experienced lawyer. Moreover, the usury laws in Louisiana are subject to change from time to time. While we make every effort to keep the information in this article current and accurate, we cannot guarantee the same because of the manner in which laws do change.

 

 

 

[MarkFeld]

So if there was a medical emergency,and you need 300.00 fast..and 2 months to pay if off so you dont go into dept and not be late on bills ...60.00 fee is worth it

Not when you can borrow the money for a lot less elsewhere, from a lender with a long established track record. And one who isn't claiming he's out to help YOU instead of himself.

[physics-fan3.14]

Well, the fact is, he's not making anyone use his services, and it doesn't look like we'll be filling up his phone lines.

 

Jason does bring up a good point here though, what are the legalities here?

 

The legalities were mentioned before, but NGC seems to have removed my post on it.

 

 

Good post, Greg.

[DirtyGoldMan]

Only a fool would agree to such terms.

[bsshog40]

So if there was a medical emergency,and you need 300.00 fast..and 2 months to pay if off so you dont go into dept and not be late on bills ...60.00 fee is worth it

I have never seen where this small amount of money would take care of a medical emergency. Maybe about $1000, then your trying to pay this back at about $260 a month, unless the 10% interest is computed on the balance of what is owed and not what was borrowed. I'm not seeing any help to anyone here but yourself.

[Paul Kiraly 3]

Lets use the 1000.00 loan amount.The first month intrest will be 100.00 .Now if a person makes the first month a 400.00 payment,that means 100.00 intrest is paid.300.00 goes off the balance....New balance is 700.00...Intrest is 70.00 second month,and so on....Payday loans charge you 25% per month..

[MarkFeld]

Lets use the 1000.00 loan amount.The first month intrest will be 100.00 .Now if a person makes the first month a 400.00 payment,that means 100.00 intrest is paid.300.00 goes off the balance....New balance is 700.00...Intrest is 70.00 second month,and so on....Payday loans charge you 25% per month..

I don't know or care about Payday. There are established entities that loan money against coins for a fraction of what you're trying to obtain. You can try to ignore that reality it all you want to, but it wont make it disappear.

[Schatzy]

WOW ........I think Payday Loan companies are scum and know you belong right up there with them!! I don't understand how people can even sleep knowing how bad they are ripping people off.

 

 

and Paul when you type a sentenace you put a period and then press the space bar.

[L1ncolnF4n]

WOW ........I think Payday Loan companies are scum and know you belong right up there with them!! I don't understand how people can even sleep knowing how bad they are ripping people off.

 

 

and Paul when you type a sentenace you put a period and then press the space bar.

 

GRAMMER +1

[Coll3ctor]

[L1ncolnF4n]

 

I'm hungry now ?

 

This company:

[thehumantorch]

Lets use the 1000.00 loan amount.The first month intrest will be 100.00 .Now if a person makes the first month a 400.00 payment,that means 100.00 intrest is paid.300.00 goes off the balance....New balance is 700.00...Intrest is 70.00 second month,and so on....Payday loans charge you 25% per month..

I don't know or care about Payday. There are established entities that loan money against coins for a fraction of what you're trying to obtain. You can try to ignore that reality it all you want to, but it wont make it disappear.

 

The majority of Payday loans company customers are addicts of one type or another. Usually gamblers. Payday loan companies manage to charge more than the legal % rate by piling on fees. Payday loan companies are also dealing with borrowers that are much riskier than the average coin collecter and they typically don't have collateral promised.

 

Loaning $$ at 10% interest a month on collateral worth double the loan will certainly help one person and one only.

[mikeg286]

thank you mark and all others for bringing the truth out.Now I dont believe for a moment that knowledgeable coin collectors would even consider this but some newbees might .So its good to see the veterans are looking out for them.

regards to all

[Paul Kiraly 3]

I know you can talk bad about me if you want..But I promise,I will be there for you if you need me.