Has anybody ever borrowed money online from one of those cash places?

Question

I need some money in my checking account. I don't want to go to one of those cash places but I keep seeing adds on television to borrow online. Has anyone had any success or know of a safe place?

Answer 1

It's always a bad idea to give any of your bank or financial information on-line. You won't know if your being scammed until it happens. If you have to acquire cash in a hurry, try to borrow from Mom & Dad. From first hand experience; the cash loan places do work for short term loans, however there are alway catches. They always charge extremely high rates. Some places charge up to 500% interest on short loans. Some won't even give you the loan for the amount you request because they intend on getting you to pay for smaller loans over a couple of months before uping your limit. They set the rules, and they make millions on people who feel they have no alternative. Try to stick it out untill payday if you can, but if not I hope this information helps you.

Answer 2

I'm not sure which buying service you are referring to, but I have had experience with two types. The first was in the Los Angeles area and was a cost-plus-10% arrangement. As long as you had the manufacturer's name and the exact model number, you could call and place your order. You then got the item at the wholesale price plus 10%. That sort of deal is the best. In the Chicago area, my husband and I joined a club that is probably more like the one you've seen advertised. It definitely is legit as long as the company has a resale license from the state. The catch, for us, was that we had to pay a rather large membership fee (approximately $2,000 with a lesser amount yearly) that we were assured we'd easily save from our purchases at wholesale price. Then, we had to scramble to buy stuff to make sure we even broke even! We moved up a planned remodel of the kitchen and did save on ceramic floor tiles and cabinets, but it seemed to be more of a hassle than my bargain-oriented soul wanted to deal with. The first question you should ask of such an outfit is whether or not they charge a membership fee and how much it is. Also, make sure you look through the catalogs of the merchandise they carry to see if they are things you know you will be buying in the coming year.

Answer 3

I'd be very cautious about the online things. If they ask for your bank account number, they may end up taking money OUT of your account instead of putting it in.

If you've got an emergency, perhaps one of those cash places is the best way to go, but they're VERY expensive, and you should work hard to avoid having to borrow money ever. Save up for your next emergency!

Answer 4

I didn't do it but one of my best friends did. You should NOTdo this! These cash places make you pay outrageous interest that is very hard to pay off and you could end up paying a lot more than you think. My friend is still paying off her debt. I think they charged her 300 percent interest!!! Ask your bank if you can have an overdraft balance - if you go over a certain amount, they'll pay it for you as long as you pay it back with your next paycheck. This is much better because they don't charge you any interest!!

Answer 5

The one I keep seeing on TV is CashCall. Went online to see their interest rates just for grins...24%-96% depending on how much you borrow. Extremely expensive money. Absolutely scary that they let companies lend at rates like that these days.

Answer 6

I wouldn't. I would sooner get a loan through my CU or bank before borrowing money from an on-line lender, especially one that is not local.

Answer 7

I have and it works. Just make sure you pay it back. Plus they charge you a lot in fees.