Title Loan Sham.
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01-30-2009, 05:54 PM
Join Date: Sep 2005
Casino cash: $19462
Originally Posted by
Sorry for your friend but she shouldn't have taken one of these retarded loans out. These and check cashing places are the worst things ever.
How high are the interest rates?
The loan is written with an interest rate
for a short time period. For example,
the loan will show a 25% interest rate
for one month. But this rate over a year
is actually 300%. Auto Title Lenders
will usually write a loan for 30 days or
less. At the end of the month, the
lender will accept the interest payment
and allow the debt to be “rolled over”
for another month. On a $600 loan, the
interest would be approximately $150.
This means you owe $750. If you only
pay $150 for the month, you will owe
$750 the next month.
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