Life — August 23, 1928 — page 4: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

LIFE Beware of Spiders ACK of a par- tition where passers-by can- not see him, the loan shark spins his web—and waits. In his show-windows he displays gener- ous-sounding pieporle He says, “We will trust you when nobody else will—if you have a job.” He sends smoothly-worded circulars and letters marked “Personal,” telling how he has been able to assist “your friends’, and how he will gladly do as much for you—and no outsider will be the _ wiser. Sometimes he boldly tells his story on posters and handbills— “Money for salaried men. No mortgages—no indorsement—no collateral—no questions asked. We let you have money at the time you apply for it.” He pledges strict secrecy and low rates of in- terest. He describes himself as “the wage-earner’s only friend in time of need’—spider-webs to catch the unwary. Perhaps you have never known a desperate need for an immediate loan. But the loan shark knows that the world is full of unfor- tunate men and women who will promise to pay almost any price in the future for a little cash in hand now. Driven by extravagance or un- expected misfortune, the needy one, when caught, pays a truly terrible price. The loan shark knows that many of his victims will be unable to pay on the appointed date. He, therefore, extends the time but increases the amount of the loan. Month by month it grows till it crushes. The loan shark's favorite lash on the unhappy victim is “Pay—pay more—or I will ex- . pe you. Pay or I will make you lose your job.” Sadly enough, sometimes his threat is carried out and the job is lost. Imagine a frightened employee paying $2.00 a week “interest” on a $10.00 loan for three years —156 weeks—and still “owing” the original $10.00 although he had paid $312.00. The man who paid this lived in the capital of a great State. A man who made $60 a month borrowed $75 from a loan shark. For a period of three years, he paid each month $21.85 interest —more than one-third of his wages—without reducing the principal debt. Fortunate is the man who has honest employment which pays him a better wage than he needs for actual necessities. Out of his surplus, week by week, he can make himself safe. The man past middle age who has never saved a cent can hope perhaps for but little more than continuing health and steady employment, but younger men and women can and should plan complete financial in- dependence for themselves in their later years of life. If you must borrow, make sure the lender is licensed and super- vised by the State. A booklet oy ared by the Metro politan will i be of of assistance in showing how to save, and thereby avoid the loan shark's web. It will be sent free and without Published by oh tion on your part. Address Booklet Department, Metro politan Life Insurance Company, Number One Madison Avenue, New York City and ask for Book- let No. 98 F. Haley Fiske, President. Many salllions iS dollars are loaned a1 ally by loa) sillleos in loane cis sae more in interes, together with untold ‘mental distress. Prosecution, though helpful, is not » per manent remedy forthe shark evil: People still need Gr and will make any promise for the future in nt relief. Legitienate remedial and business tnsticutions are chaser: ine rot Fitaited. Mividend, semi-philanthropic reme- dial loan societies. ‘The Uniform Small Loa: ress, tion, 130 East aod Street, “ New York, N. ¥. ba METROPOLITAN LIFE INSURANCE COMPANY~NEW YORK Biggest in the World, More Assets, More Policyholders, Moré Insurance in force;More new Insurance each year comicbooks.com | Wiss... Los apt