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Posted by ralphher45 on 07/31/2008
Yes, I saw the Gary Coleman commercials. I called and was told up front the crap interest rate. Why, because they are loaning money to a VERY high credit risk. What can they do to you if you don't pay? Ding your credit? It's not a second mortgage so you can't lose your house. They told me that up front that this loan was for someone needing quick funds now, but usually has the money and could pay it back quickly. This loan is meant to be a temporary fix, not a long term thing. For example, you expext a tax refund, a settlement check or some type of monies in a month or two, but you need to make a mortgage payment now, that's what this loan is for. You borrow it quick, make your mortgage payment, and in a few months when your other money does come it, you pay this insanely high interest loan back. You probably lost $40-$100 because of the interest rate, but you made your mortage payment. This loan is a quick fix and you don't borrow it unless you know you can pay it back quickly. I had to use them twice when my back was against the wall. I borrowed the money, make my payments and when I had the funds to pay it back (in my case it was a tax refund) I paid it off. The pay off is quick and clean. Yes, it's a crap loan, but I wasn't pissed off at Cashcall for the terms of the loan, I was pissed at myself for being in the situation I was in to have to use them.
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