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So, I live in California, I've been working on my credit for a while, But I get out of control with my spending (Thank god I get my senses before reaching the point of no return) and I have a bunch of credit cards, Including American Express, Discover, BoA, etc... I was always getting those crappy offers for new credit seekers, Until now where I began being marketed by Chase, Citi, etc. I just bought my car and I'm sure that made a big difference, I was approved for a rate of 3.29% (Originally thought 3.25%, But good never the less, right?).
Well, Last night I got home and checked my mail.... hmm... a green envelope with the word "RISE" on the top left... So I decided to open it wondering what it was, Well it's from RiseCredit.com for people with no credit or bad credit now I didn't mind this, Until I read the offer....
I was pre-approved for a $2,600 loan!
Now that seems ok, If you're trying to rebuild and need some extra $$... However in the fine print it states the APR is 224.36% HOW THE HELL IS THAT LEGAL?!?! I Thought the max they could do was 24% interest rate?!?!
It says it's 36 BI-WEEKLY payments of $236.37 which adds up to $8,509.32 in the span of 16 months... That's $5,909.32 in interest....
Do people actually do these things? I mean, They have to otherwise the company wouldn't be running, But why do they take so much advantage of people? This is just a slap in the face to me knowing I've worked so hard to improve my credit all this time only to get this stupid offer in the mail... -_-
Thoughts?
@RushXTC wrote:So, I live in California, I've been working on my credit for a while, But I get out of control with my spending (Thank god I get my senses before reaching the point of no return) and I have a bunch of credit cards, Including American Express, Discover, BoA, etc... I was always getting those crappy offers for new credit seekers, Until now where I began being marketed by Chase, Citi, etc. I just bought my car and I'm sure that made a big difference, I was approved for a rate of 3.29% (Originally thought 3.25%, But good never the less, right?).
Well, Last night I got home and checked my mail.... hmm... a green envelope with the word "RISE" on the top left... So I decided to open it wondering what it was, Well it's from RiseCredit.com for people with no credit or bad credit now I didn't mind this, Until I read the offer....
I was pre-approved for a $2,600 loan!
Now that seems ok, If you're trying to rebuild and need some extra $$... However in the fine print it states the APR is 224.36% HOW THE HELL IS THAT LEGAL?!?! I Thought the max they could do was 24% interest rate?!?!
It says it's 36 BI-WEEKLY payments of $236.37 which adds up to $8,509.32 in the span of 16 months... That's $5,909.32 in interest....
Do people actually do these things? I mean, They have to otherwise the company wouldn't be running, But why do they take so much advantage of people? This is just a slap in the face to me knowing I've worked so hard to improve my credit all this time only to get this stupid offer in the mail... -_-
Thoughts?
Wait till you see the one offering you $25k at those rates!!!
@RushXTC wrote:So, I live in California, I've been working on my credit for a while, But I get out of control with my spending (Thank god I get my senses before reaching the point of no return) and I have a bunch of credit cards, Including American Express, Discover, BoA, etc... I was always getting those crappy offers for new credit seekers, Until now where I began being marketed by Chase, Citi, etc. I just bought my car and I'm sure that made a big difference, I was approved for a rate of 3.29% (Originally thought 3.25%, But good never the less, right?).
Well, Last night I got home and checked my mail.... hmm... a green envelope with the word "RISE" on the top left... So I decided to open it wondering what it was, Well it's from RiseCredit.com for people with no credit or bad credit now I didn't mind this, Until I read the offer....
I was pre-approved for a $2,600 loan!
Now that seems ok, If you're trying to rebuild and need some extra $$... However in the fine print it states the APR is 224.36% HOW THE HELL IS THAT LEGAL?!?! I Thought the max they could do was 24% interest rate?!?!
It says it's 36 BI-WEEKLY payments of $236.37 which adds up to $8,509.32 in the span of 16 months... That's $5,909.32 in interest....
Do people actually do these things? I mean, They have to otherwise the company wouldn't be running, But why do they take so much advantage of people? This is just a slap in the face to me knowing I've worked so hard to improve my credit all this time only to get this stupid offer in the mail... -_-
Thoughts?
O my goodness, that's crazy... You didn't jump on it...did you?
@yudeology101 wrote:
@RushXTC wrote:So, I live in California, I've been working on my credit for a while, But I get out of control with my spending (Thank god I get my senses before reaching the point of no return) and I have a bunch of credit cards, Including American Express, Discover, BoA, etc... I was always getting those crappy offers for new credit seekers, Until now where I began being marketed by Chase, Citi, etc. I just bought my car and I'm sure that made a big difference, I was approved for a rate of 3.29% (Originally thought 3.25%, But good never the less, right?).
Well, Last night I got home and checked my mail.... hmm... a green envelope with the word "RISE" on the top left... So I decided to open it wondering what it was, Well it's from RiseCredit.com for people with no credit or bad credit now I didn't mind this, Until I read the offer....
I was pre-approved for a $2,600 loan!
Now that seems ok, If you're trying to rebuild and need some extra $$... However in the fine print it states the APR is 224.36% HOW THE HELL IS THAT LEGAL?!?! I Thought the max they could do was 24% interest rate?!?!
It says it's 36 BI-WEEKLY payments of $236.37 which adds up to $8,509.32 in the span of 16 months... That's $5,909.32 in interest....
Do people actually do these things? I mean, They have to otherwise the company wouldn't be running, But why do they take so much advantage of people? This is just a slap in the face to me knowing I've worked so hard to improve my credit all this time only to get this stupid offer in the mail... -_-
Thoughts?
O my goodness, that's crazy... You didn't jump on it...did you?
Heck no, I usually rip them up as soon as I get them (all offers), But since I had never heard of rise, I decided to actually read the offer and this surprised me.