Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Has anyone ever seen these things? I caught a commercial one day on ESPN or something and just caught a glimpse of the APR.. Wound up going to a site because I was SURE I had to have misread the fine print on the screen..
Here's an example of the rate schedule for plaingreenloans.com
Are people really this dumb? (I know, the answer is, of course, yes.) A $3000 loan, you would repay nearly $10k.
Apparently they get away with it because tribes are basically independent nations and federal lending laws don't apply to them.
Yeah, they've been banned from advertising or doing business in some states. I'm assuming you mean Western Sky, which was the most prevalent one. Oh. I see you did list one.
Yeah, they've been banned from advertising or doing business in some states. I'm assuming you mean Western Sky, which was the most prevalent one. Oh. I see you did list one.
You're right.. I think it was Western Sky that I saw the ad for.
It reminds me of a guy who said he was buying a $10k car and the payment would only be $200/mo for 3 years... Hmm.. That's $2400/yr.. Times three.. $7200.. I can do that math in my head and it don't add up.
I always thought that was something the guy in the finance department told him just to get him to sign the paperwork.. Never did find out what the real deal was.
Pink slip loans (car title loans) are often well over 100%--and you can lose your car. For these being unsecured, shaky source loans, the interest rates are probably about typical.
Do we still even have federal lending laws? I know there's a ton of disclosure requirements, but in my previous job I used to routinely hear complaints from people that had signed 100-200% loan agreements that all of a sudden thought they were getting ripped off.
Pink slip loans (car title loans) are often well over 100%--and you can lose your car. For these being unsecured, shaky source loans, the interest rates are probably about typical.
Do we still even have federal lending laws? I know there's a ton of disclosure requirements, but in my previous job I used to routinely hear complaints from people that had signed 100-200% loan agreements that all of a sudden thought they were getting ripped off.
A payday loan.. a 14-day loan, tops.. You break that out.. Let's say they charge $50 for a $500 loan.. 14 days, that's 10%.. Expand that out over a year.. What is that? About 260%? Ballpark?
Which.. Is high, but it's not cheating someone.. The loan is only meant to be 14 days. It's the people who keep rolling it over and over where it hits an ungodly APR.
Are they PREYING on people who don't know any better? I don't particularly think so.. The people who do it are dumb, no doubt.. But, if they just need the quick cash and then pay it back.. I have a hard time calling that predatory. If the company KEEPS allowing them to roll it over and over, it can get there.
These indian places.. That's just.. Wrong on so many levels. But, then again.. It's not like they're hiding what they're doing from people. They tell you flat out, you'll owe this much in this many payments.. If you can't use a calculator to do the math..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
