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#1 |
Assistant to the Regional Manager
Join Date: Aug 2005
Location: The Orgasmatron
Posts: 24,338
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Do you know what the annualized rate is for such advances?
Sixty Percent! Don't do them.
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#2 | |
Senior Member
Join Date: Mar 2007
Location: Happy Valley, PA
Posts: 1,866
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I read a stat on a CNN.com article several weeks ago that claimed short-term loan businesses (like Payday Loans) outnumbered McDonald's franchises in the US. I'm not sure I believe the number, but it still shook me.
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I hope for nothing. I fear nothing. I am free. - Epitaph of Nikos Kazantzakis (1883-1957) |
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#3 |
Assistant to the Regional Manager
Join Date: Aug 2005
Location: The Orgasmatron
Posts: 24,338
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Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details.
Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos.
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#4 | |
Senior Member
Join Date: Mar 2007
Location: Happy Valley, PA
Posts: 1,866
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I hope for nothing. I fear nothing. I am free. - Epitaph of Nikos Kazantzakis (1883-1957) |
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#5 |
Senior Member
Join Date: Jan 2006
Location: Utah
Posts: 5,741
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I know a guy that started some of the first pay day loan/check cashing stores in the country about 30 years ago. He is a flirting with billionaire status.
Its amazing how easily one can capitalize on americas financial stupidity.
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LINCECUM! |
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#6 | |
Senior Member
Join Date: Jul 2006
Posts: 860
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#7 | |
Senior Member
Join Date: Jan 2006
Location: Clinton Township, MI
Posts: 3,126
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#8 | |
Senior Member
Join Date: Jan 2006
Location: Clinton Township, MI
Posts: 3,126
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http://articles.moneycentral.msn.com...ayLenders.aspx
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