thinkcash offering 360 percent APR personal loans?

[scottwagnon]

i am DEFINITELY NOT INTERESTED in applying for this but i am shocked by how predatory these loans are! does anyone have any info on these loans?

[Imhotrodcrazy]

I can get a much better deal with the local "loan shark". 

[Anonymous]

These are not personal loans per say.  They are payday loans 14-30 day loans.  So an Annual Percentage rate really does not apply.  A daily rate would be more helpful and correct.   I'm a former owner of a checking cashing/payday loan business and this crap about predatory lending ticks me off.  These loans are turning over every 14days so that is why the APR listed is so high.  So for instance you borrow $300 and the fee is $45 dollars.   $45*2=$90 a month in fees * 12 Months=$1080/300=360%

This is not Predatory lending.  Payday loans were designed for short term financial needs.  They were not designed for you to have the loan for a year.  

Hope this helps 

[scottwagnon]

thinkcash is advertised as long term loans.

[GregB]

ETA: I was responding to the post that is two posts above - another one was added while I typed

I agree completely. Quoting an APR on this type of loan is like comparing apples with oranges.

It is completely unreasonable to calculate an APR on a very short term loan. Payday Loans, Pawn Shop Loans, etc are short term so the interest is high on a yearly basis. They were not designed to go on. Most short term loans will have high interest.

I had a large LOC with Amex Capital Line. There was a yearly fee of $250 and an APR of 8%. If I borrowed nothing I would still pay $250, which would be a zillion percent APR. If you bought a house and paid the loan off in a few months, what would your effective APR be?

I think their rates are reasonable FOR THAT TYPE OF LOAN. I can't imagine ever getting that type of loan but think they should be available for those that need them. It is the borrowers responsibility to consider the costs and make an informed decision.