Talk:Industrial loan company
|WikiProject Finance||(Rated Stub-class, Low-importance)|
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Error in Description of Morris Plan?
The article says that, under the Morris Plan, borrowers agreed to repay loans through "purchase of Installment Thrift Certificates in weekly installments equal to the face value of the loan, less origination and investigative fees." It seems impossible that borrowers would agree to make weekly payments nearly equal to the amount they borrowed. If they could do that, why borrow in the first place? Jdcrutch (talk) 20:05, 13 November 2013 (UTC)