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