What is the catch about cash loans from places like Ace Cash Advance?
Lola asked:
I need to fix my car and I am pretty sure I will need money to do so… If I go to one of these cash loan places what should I expect? Do I have to pay it all back right away? Payments? Do they take your paycheck? What are the pros and cons basically?
Thanks
Whaah! what else can I do!?
The catch is that the fees they charge are equivalent to interest rates of over 100% sometimes. If there is ANY other way you can get the money, it would be a better option.
Outrageously high interest rates. Might even get you to sign your car title over as "collateral". Note (if it was the mob, they would just break a few bones in lieu of a timely payment)
My advise. Stay far far away.
Only use such places if you are one trillion percent sure that you can pay the loan back real fast…Otherwise, you'd be better off selling/pawning any valuables you have.
It works like this: You write them a check for say $400 and they give you $350 in cash. They will cash your check in 2 weeks. If you can't repay the $400 they will keep your check and the loan will rollover with huge interest and fees…and in a few months a $350 loan will turn into a $1,500 loan….This is the trap that these payday loan places set…just like loan sharks do…
Honestly its a last resort and it can get you in worse trouble. But maybe theres no alternative. Good luck.
hi
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Good luck….