Wednesday, February 13, 2008

You've got to be kidding me!!!!!

I don't know if you've seen the commercials for but I did. I was reading the fine print when I noticed that it said something about a $2600 loan with 99.25 APR. I thought it was a typo but that is the actual interest rate. The rate for Alabama is: $1500/141.42 APR, $2600/99.25 APR and a $10000/70.08 APR. Now you have to realize that this isn't the amount that you actually get. They have to be crazy. Who wants to pay this kind of interest rate? Do people realize how much they will be paying back, not counting the original loan?

Part of this is a fee to get a loan from them. For the $1500 loan, you end up paying back almost $2000. For the $2600 loan, you end up paying over $9000, and the $10000 loan you pay back almost $25000. Maybe I should go into the loan business if this is the type of return I'm looking at, they really are making a killing here. The bad thing is, someone out there will think this is a great thing. They promise to give you a loan without any collateral, but these kinds of loans are out there, you just have to look for them.

I hope someone out reads this and decides not to use this company. It's not worth it.

Anyway, I hope everyone has a great day. God Bless.