I am VERY UNHAPPY with quick cash and title loan places. They offer quick cash … for a fee … for a VERY LARGE fee. Don’t believe me? Do what I did. Go to the web sites of these establishments.
One you can try is http://www.paydayok.com/loan_cost.asp Type in $500 for the state of Indiana, SC, or TN and 30 days for the loan. What is the interest charge on this loan? $107.15!!!! That is a 21.43% return on that money – IN ONE MONTH! I do, however, credit the PayDayOK folks for putting a “How to get out of debt” link on their website.
At http://www.mycashnow.com/fees.php?PHPSESSID=b87b5526b56dd3e999497e1003fdcef9 the fees are even higher! For $500 for 21 days, the fee is $139.65!!!! That is a 27.93% return on that money – IN ONLY 21 DAYS!!! By the way, to get to the fee schedule they require you to click a link named “Our low fees”. Outrageous! Here is the statement (word-for-word) under the “disclosures” section of the My Cash Now web site.
“LOAN AMOUNTS AND FEES. Mycashnow.comTM currently provides loans ranging from $100.00 to $1500.00. The finance charge for these loans is based on 485.450 percent APR and the number of days of the loan. See fees for a complete breakdown of amounts and charges for various length loans.”
Recently I was in South Carolina, and I saw a quick cash place with the name “CheckMate”. That is about right. Once you start utilizing this type of place for loans, they have you in checkmate. You will not be able to get out of it.
On that one street in a less than 3 mile section of town, I saw at least 10 quick cash establishments. Terrible. I did not see even ONE establishment dedicated to getting people out of that mess.
I could go on forever about this, but I will finish with this outrageous story from this link http://www.checkintocash.com/in_the_news_fortune.htm
CHECK INTO CASH, INC., with it Corporate Offices in Cleveland, TN, was asked by the Governor to participate in the issue and has a full page ad, plus a feature in the Tennessee Success Story. On April 27, Allan Jones , Founder, Chairman and CEO of Check into Cash, Inc. flew to Nashville for a luncheon hosted by FORTUNE and the State of Tennessee . He and other CEOS across Tennessee joined the Governor for lunch and received special recognition for their support of Tennessee ‘s economic development over the years. He joined other Tennessee CEOs representing such companies as Federal Express, Bridgestone, Toyota, Wilson Publishing, Hospital Corporation of America, Sea Ray Boats, A.O. Smith Water Products, University of Memphis, King Pharmaceutical, UnumProvident, Blue Cross-Blue Shield of Tennessee, to name only a few,
I can’t tell you how much I disagree with the statement that Check Into Cash has helped Tennessee’s economic development. It has helped to enable broke people to become even more poor, it has charged them incredible amounts of unfair interest and fees, and then it is proclaimed that they are “helping” people. Give me a break.