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Author Topic: Preditory Loans 697% Bi-Weekly Payments  (Read 3865 times)

Offline Randoskie

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Preditory Loans 697% Bi-Weekly Payments
« on: May 14, 2017, 11:45:02 AM »
A few years ago I started cleaning up my credit. So I am always getting pre approval letters and various credit card and fast loan offers.
But yesterday I get the mother of all predatory offers. I am pre approved to borrow $1,000 at 697% interest.
I usually toss these but this one I just happened to look at and read the fine print.
The fine print gives an example of a $400 loan. You would make 13 bi-weekly payments of $102.19
That's over $1,300 payback on a $400 loan. Who wud be stupid or insane enuf to take out a loan with this company?
I wondered if this is even legal, because as a private lender I'm only legally allowed to charge 10%
The I read farther, this loan company is located on Pow Wow Trail, Chippewa Tribal grounds on a reservation in Watersmeet MI
Oh and don't forget, returned payments, late payments and non payments may result in additional fees. Apply now.
We have a lot of Payday loan companies here in my city, on almost every corner.. They are not allowed to loan to Military personal.
Maybe I shud of posted this under Random Ramblings.

 




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