Usury - short-term loans specifically CashCall
The idea sounds great -- get a thousand bucks or so from the bank and it's only a small payment every month. Until you do the
math simple arithmetic.
Check out the
First Bank of Delaware's interest rates for small "hassle free" loans:
Click on image for full-size)
So let's see -- you borrow $5,075.00 and pay $21,338.52 over the next seven years for the privilege? Naaaa...
How about borrowing $2,600 and paying $9,095.10 over the next three and a half years. Nope either...
Well, my last and final offer is borrowing $1,075.00 for three and a half years and paying $3,523.38 for that august pleasure.
These people don't even allow you to grease up before they bend you over and have their way. I would rather deal with a local loan shark -- they may have a
high vig but they aren't out to ream you; they want the repeat business...
Posted by DaveH at June 10, 2007 8:56 PM
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