Originally Posted by PaintBallerPro
You know that get cash now commercial with Gary Colemen in it? It ssys in the fine print they charge 98.7% interest. Who is desprate enough to pay almost 100% intrest
It is only advertised that way because all lending institutions have to calculate it using the same formulas.
Most of these places charge you 18% if you repay them within your next pay period. The problem comes when you start missing payments or only making the minimum payment.
Our bank used to set up a table at these places to get new checking accounts and from the transactions I overheard and speaking with the managers this is the information I gathered. What amazes me is the people who come in there week after week and continue to lose 18% of their pay. All they have to do is avoid that place for ONE WEEK and they would be out of the hole. It's depressing, really.