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Read the Fine Print

Auto Loans for ANY Credit Situation. Immediate Response.
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Established Contributor

Read the Fine Print

So, I got one of those "prequal" offers from one of the predatory lenders (I think Netcredit), and decided to look at it.  Unlike many of these offers (if I bother to research them) that you need to google to find how bad they are, this one actually gave the APR right in the mailing.

 

The AVERAGE APR is 99% (yes, 99%), but "some people qualify for lower APRs, some as low as.... (wait for it, wait for it).... 93%!!!!!

 

Wow! What a deal that is,

 

 

Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Read the Fine Print

Just for giggles I went on their site and checked out some random states, New Mexico has a rate of 34% to 155%Smiley Surprised

Gardening until September 2019
Next app: Mortgage in September 2019
Message 2 of 5
Valued Contributor

Re: Read the Fine Print

HA.... I'd lend money myself if I found someone who would pay me those rates Smiley Surprised
Message 3 of 5
Established Contributor

Re: Read the Fine Print

Average loan here in Wisconsin for these guys?  $2800 @ 95% apr, 31 payments of $245.  Full repayment amount is $7595!  So proud to live in a state where this is allowed. 

Message 4 of 5
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Valued Contributor

Re: Read the Fine Print

How is this even legal?
Message 5 of 5
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