western sky

[Bidin~Time]

An absolutely ingenious concept. I kept seeing these ads and thought my eyes were playing tricks on me with the fine print. 116% apr? naw couldn't be. So, i went to the site and looked; boy was I wrong! A loan of 5075 $ to 'get off the treadmill.' LOL

Payments of 484$ for 84 months. $42,256.

And some poor sucker is calling them as i type.

Wow, just wow.

 

[pointless]

that's nothing. i believe some of those check cashing pay day loan joints are around 300%. at least they used to be. that hopefully has changed.

 

[Bidin~Time]

that's nothing. i believe some of those check cashing pay day loan joints are around 300%. at least they used to be. that hopefully has changed.

I honestly had no Idea that was remotely legal.

I am soooooooo sheltered

 

[unregistered]

 

[Bidin~Time]

A month or so ago, I had a friend that was going to pawn his Harley. It was an excellent buy for the money he needed, but I just didn't feel right buying it from him.

He pawned it for 5000.00 for 90 days. After the first 30 days it cost 6250.00 to get it out. 7500.00 after 60.........25% per month, 300% per year.

I now wish I had bought it.

He probably wishes you had too. At least he could have bought it back at a reasonable price. Unless you own the pawn shop.

I'm still all sorts of amazed at the concept.

 

[bronzeage]

A month or so ago, I had a friend that was going to pawn his Harley. It was an excellent buy for the money he needed, but I just didn't feel right buying it from him.

He pawned it for 5000.00 for 90 days. After the first 30 days it cost 6250.00 to get it out. 7500.00 after 60.........25% per month, 300% per year.

I now wish I had bought it.

In addition to the interest on the loan, there is a storage fee for a large item, and a title transfer fee.

I had a co-worker who needed to rent a moving truck, so he pawned his small boat and trailer for $400. The storage fee was an extra $25 dollars a month, plus the large item fee. He didn't have the money to get it back and 6 months later, the pawn was up to $1200 and he lost the boat.

I told him, "You could have sold it for $900, easy."

"I know," he says, "but I wanted to keep my boat."

It costs a lot of money to be poor.

 

[VaticanAssassin]

Anybody here old school, when there were such things as loan sharks? How much interest did they charge. My guess is less than some of these "legal" establishments today......

 

[unregistered]

 

[bronzeage]

This is true.

These folks have all but given away the ranch and it is sad to watch.

A few years ago, it was a confusing Friday and my paycheck stayed in my wallet over the weekend. It was the next Wednesday before I realized it. Of course the mortgage payment and the car note checks came in on Monday.

That was no problem, because like any other responsible middle class citizen, I had overdraft protection. By the time the dust cleared and all the overdraft fees were paid, I would have done better to take a paycheck loan.