and who said credit was hard to get...

And the nice thing is that the APR is a Low, Low 96% :eek:

Of course, I make a point to shred all these unsolicited credit offers to help thwart identity theft instead of posting them on the Internet, but to each his own! :)
 
"Higher rates may apply". Really? Darn, I guess 96% was too good to be true. I was just going to sign up for that loan to pay for a top-off with 100LL.
 
sba55 said:
"Higher rates may apply". Really? Darn, I guess 96% was too good to be true. I was just going to sign up for that loan to pay for a top-off with 100LL.
Click to expand...
Funny. It is a 3 year loan too--so if you get that $1,000 loan you end up paying back $3,060.
 
The biggest problem about sudden wealth is that the lucky recipients of that one thousand dollars are just liable to let it go to their heads. The nicest people can all of a sudden start lording it over their neighbors, talking down to friends and family.

Massive amounts of capital such as this can lead to no good whatsoever. After word gets out that you have all this money, people will start flocking to you in order to share in your good fortune. When they find out that they will not be getting in on it, they start talking about you behind your back, saying all kinds of evil things about you.

It's best for you, and all those around you, if you just avoid this fantastic opportunity altogether.

I know these things because many years ago, in the days before I owned an airplane, I too had a thousand dollars.

John
 
Last edited:
flyingcheesehead said:
I saw that, and thought "OK, that has to be a misprint!" Then I looked at the monthly payments, and discovered that it's not. :hairraise:
Click to expand...

It is nuts. I hate how they send it in a really fancy looking envelope. It just ****es me off to see companies reaching this far to try and make a buck. I can't imagine putting my name on that letter like Mr. Steve Crawford did.

I mean..seriously, a $3,000 loan they spread out over 3 years at 96% APR works out to $9,217. Bastards.... Honestly-I don't even think their loan is legal in the state of Nebraska..unless they found some way around the interest limit laws.

Remind me to never deal with MetaBank. They are the people running this operation:
http://www.metabankonline.com

Oh...BTW: "*Higher rates may apply for approved applicants that choose our manual loan funding process." Higher interest rates? Really....is that possible?
 
Last edited:
woodstock said:
Send it to your Congress-critter.
Click to expand...
Why? Congress was boasting limits on payday loans but only for political gain and even that was more than six times the average mortgage rate. They are part of the problem.
 
don't give the pond scum ideas. (>-{
 
Sounds like a good deal to me Jesse. Who says you have to pay it back? No one else does! :rofl:
 
Wow. When I lived in NJ, Guido offered me a loan at only 30% APR. :)

I suspect the consequences of not paying it back were a little different then stiffing Brookwood.
 
gprellwitz said:
And the nice thing is that the APR is a Low, Low 96% :eek:

Of course, I make a point to shred all these unsolicited credit offers to help thwart identity theft instead of posting them on the Internet, but to each his own! :)
Click to expand...

I didn't see anything on there that would make it easier for someone to scam a loan or steal Jesse's identity.

I tend to shred those unsolicited checks from the credit card company for the reason you cited.
 
Wow I guess there must be no usury laws in south dakota. 96% that is conmpletely ridiculous!
 
gprellwitz said:
Of course, I make a point to shred all these unsolicited credit offers to help thwart identity theft instead of posting them on the Internet, but to each his own! :)
Click to expand...
No problem here... note the "promotional code" is missing! :skeptical:

-Skip
 
waldo said:
I thought that this had to be one of those internet hoaxes. So, I looked it up.

https://www.brookwoodloans.com/bwlfaq.asp


No Joke! :no:
Click to expand...

Complete disclosure of APR, fees, and payment terms are available upon request.
Click to expand...

So that Truth in Lending law doesn't apply any more? At least these guys aren't shy about showing the 96% APR anyway. (They probably count on most products of American public education not knowing what a "percent" means and maybe thinking that 96% means you make 4%.)

....sorta like the laws on collection of debts the skip tracers laugh at?
 
Cap'n Jack said:
Wow. When I lived in NJ, Guido offered me a loan at only 30% APR. :)

I suspect the consequences of not paying it back were a little different then stiffing Brookwood.
Click to expand...

No, Guidos loan was 30% WPR - Weekly percentage rate. And like some real estate loans, you only pay the interest at first.
 
TMetzinger said:
No, Guidos loan was 30% WPR - Weekly percentage rate. And like some real estate loans, you only pay the interest at first.
Click to expand...

The rate is only 10%. A week. I think it maps about to like 520% APR.
 
Last edited:
Wow Jesse you got a deal at 96%. Check out the fine print on this one...


99.25% APR :yikes:
 
vontresc said:
Wow Jesse you got a deal at 96%. Check out the fine print on this one...
...

99.25% APR :yikes:
Click to expand...
How do u think he bankrolled his bid for governor?

It's so popular that my CU just got into payday loans at a low low rate of 98.65% APR. Kinda odd since they still have unsecured loans for 11.5% - 20% APR
 
My god what an awful APR! I'm not really sure how this gets around usury laws. I think that ND is around 12 percent.
Any clues?
 
I heard a story on NPR a couple of weeks ago about a guy who opened a retail store. He lost his job, so he and his wife decided to open a game store. As I understood the story, the guy got some credit cards with 0% interest for a period of time. Then he started the business using the credit cards. The story was vague about what he intended to do after that introductory period, but the point of the story was that with the timing of the financial crunch, he can't get a bank loan to loan him money to pay off the cards, which are now accruing interest. Now he doesn't have any money to buy inventory for the upcoming holidays, and he still has the credit card debt at who knows how much interest. They were using him as an example of someone who is being victimized by the credit crunch. I don't know if I can buy that. I think they could have found a better example, but it is NPR, and they are a little weird.
 
infotango said:
My god what an awful APR! I'm not really sure how this gets around usury laws. I think that ND is around 12 percent.
Any clues?
Click to expand...

You can get away with anything if you have the guts to do it in the first place, and, no one catches you.

(this is not legal advice by the way!)
 
You must log in or register to reply here.
Back
Top