An $8000 Loan For How Much??

dgates01 · ‎08-13-2017

My credit is about average at around 700, so I usually get offers in the mail in line with my credit score. Once in a while, I'll get something for a subprime loan. I'm always shocked at how bad the terms are.

Today's mail offer may be the worst I've seen. It's from Cash Call. An $8000 loan, paid back over 84 payments of $657.98 per month. That's a total of $55,270.32!! What in the heck??

I can't imagine anybody getting this loan. Cash Call gets their money back in just over a year, then a person will keep paying them the same monthly payment for 6 more years. Ouch.

Capital One Classic $750 / Fingerhut $1750 / Walmart $1000 / Discover $4500 / Capital One Quicksilver $3000 / Barclays $1500 / Amazon Visa $1000 / Amazon Store $900

EQ:682 (4/15) EX:706 (4/15)

Fletcher2 · ‎08-13-2017

lol

That origination fee is no joke, either!

Admittedly, I couldn't believe that these rates were real, but after checking their site and their advertised 149% for really poor credit, I stared in disbelief.

Anonymous · ‎08-13-2017

what they don't tell you is that if you are a day late, two guys named Vito and Paulie Walnuts will come knocking....

Anonymous · ‎08-13-2017

The really scary part is that there are some people who are desperate enough the take the bait without thinking about the long term consequences.

Anonymous · ‎08-14-2017

Cash Call isn't alone in these high risk high reward ( for the lender) business ( yeah, unfortunately I did work there)
These loans are IMO really only for small business owners or perhaps real estate brokers etc caught in a pinch between fundings where one can pay back in DAYS

But for anybody else?

Sure the rates are comparable to Payday loans but it's the dollar amounts that drown ppl

Too often the folks that get these loans don't play big enough stakes to pay themselves out of the deal quickly enough... ironically the same thing happens at the other end when the $300 payday loan borrower doesn't carry a big enough stick to just retire to loan and be done,they just RE BORROW

Spend $90-$100/mo to secure an original walk out the door $255 loan...a **bleep** shame

Back in the old days at Cash Call there weren't many questions asked to get $5000-$10,000 but everyday you owed it was expensive as hell