Has Anyone Ever Gotten A Short Term Loan Before?

1. mike Says

   Don’t do it. Its a scam! They have so many hidden fees in their. The arp rate might not actually be the real arp rate. They could deduct daily, monthly, quarterly, or yearly. Most loan companies will do everything in their power to keep you from knowing. They then intentionally anticipate you to be late on your payments, and then hit you with repeated late fees. I’m young and dont have any personal experiences with getting loans but I know my parents got caught up in all that stuff when I was younger and it was bad. Also I’m going to school for business and in my business mathematics class they told me don’t get a short term loan unless you KNOW all the hidden add on’s they have and have gone through and calculated yourself(don’t trust them they are in it for the money not you) your whole payment time.
   Watch in debt we trust it’s very informational. One way they like to get you is by compounding the intrest in short periods. So say you barrow 1,000. At a intrest rate of 10%. sounds reasonable right? You plan to pay it off in 10 months with payments monthly. Say they compound it weekly. So the first week you owe $1,100, second week you owe 1,210. Third week is $1,331 you owe. By the 4th week it’s $1,433.10. So even though you would only pay $143.31(10% of what you owe because 1/10 months) your still already going to pay a extra 433.10 dollars ATLEAST a month extra. they make you pay intrest on intrest but they add the intrest when ever the little writing you didn’t read said they would not when you pay them.
   By the end of the 10months you would end up paying $3,000 on a $1,000 dollar loan with 10%intrest. It’s a scam. Not to mention if they use the rule of 78 which is almost impossible to figure out by yoursel with out books because it’s based on set numbers.
   Why do you think loan companies and banks are doing so well in this crappy economy lol? Cuz they are the ones taking the money!

2. Angry Bird Says

   These are pay day loans.
   Have you ever read about their fees?
   Pay day loans are a good way to get yourself into financial disaster.
   Stay away from them for life.
   Try your hardest to keep $400 as a minimum in your checking at all times.
   Make this a goal for this year.
   Someday, set up a goal to have a savings account in case you ever have any emergencies.

3. Brittnay Says

   Yep and interest rates are ridiculous and costly . I don’t recommend them unless its an extreme emergency situation. I suggest using a pawn shop or selling something you really don’t need 1st before dealing with the loan sharks.

4. rodolfo l Says

   I have gotten one, but I paid it for short term too.

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