2007-03-21 12:48:13 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Go figure out the actual interest on them. By the time you add up all the fees and interest, it comes out to about 300%.
The problem is, the people that can least afford that kind of interest, are the ones that are stuck with it because they can't get a loan anywhere else.
2007-03-21 12:58:23 · answer #1 · answered by Faye H 6 · 3⤊ 0⤋
1
2016-09-28 16:15:13 · answer #2 · answered by ? 3 · 0⤊ 0⤋
They are a total rip off for the customer. However, the customer knows he is getting screwed when he takes out the loan. At times there may be no other way for the borrower to meet an urgent need.
They ar e bad, but at times the only recourse for some...
2007-03-21 12:59:58 · answer #3 · answered by Charles V 4 · 1⤊ 1⤋
Would you normally pay 90% on a loan? That's what Cash Call charges for loans over $3000.
Bend over!
2007-03-21 13:13:48 · answer #4 · answered by Shepherd 5 · 2⤊ 0⤋
They are a legal way to rip off people who can least afford to be ripped off. Avoid them like the plague.
2007-03-21 15:12:17 · answer #5 · answered by worldinspector 5 · 0⤊ 1⤋
Not good. Legalized loansharking. Find a friend or friends who will lend you the money.
2007-03-21 12:54:21 · answer #6 · answered by ghost_of_larry_fine 3 · 3⤊ 0⤋
its a total ripoff
2007-03-22 00:41:28 · answer #7 · answered by queen i 1 · 0⤊ 0⤋