I told myself I wasn’t going to take out anymore short term cash loans. I’ve handled them alright and everything, but they can make money tight when you’re trying to take care of everything and still manage to save money. However, yesterday I received a phone call from a company that said they were affiliated with a lender matching site. That made me realize that these matching sites may actually send legitimate direct lenders your way at times. I decided to go along with the phone call to see what was going to be offered.
First of all, the lady told me that I was approved for a 1,000 dollar loan. That got my attention because I usually don’t get that much money when I get short term cash loans. She said I was pre-approved, and she just had to verify my identity and get me to sign my loan documents. So, she has me sign my loan documents, and then I get to look at the loan terms.
I pull up the loan terms, and I just about fell over backwards. I was going to be paying 20 payments on this loan, and while the payments were reduced in size as time went on, I was going to start by making multiple bi-weekly payments in the 300 dollar range. By the end of the 1,000 dollar loan repayment schedule, I was going to have paid back 3,825 dollars! Can you believe that?
If you can pay back 3,825 dollars in a year’s time, then you can turn around and give yourself four emergency cash loans the very next year! Oh man, it’s just ridiculous how much some of these companies charge. Of course, they’re not all that bad. They are going to charge you more because of the convenience, but most of them won’t charge you quite that much.