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Loans to Stay Away From

Last post 06-25-2007 4:06 PM by Brandy. 3 replies.
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  • 06-23-2007 11:39 AM

    • Brandy
    • Top 10 Contributor
    • Joined on 03-28-2007
    • Saving in South Louisiana
    • Posts 14,159

    Loans to Stay Away From

     I found this on another message board and decided to share it here. There are some quick ways to get some cash but these are loans that are certain debt traps....

    http://money.aol.com/top5/bankingloans/fast-loans

     

    Your Dollar Stretching Assistant Community Moderator

    and

    Stretchpert in.... Schooling; Food Programs Co-ops and Clubs ; Recalls




  • 06-23-2007 2:59 PM In reply to

    Re: Loans to Stay Away From

    As to bank card cash advances, my bank - Washington Mutual - has an execreable offer of a cash advance totalling about 1/5 of your total credit line.  In small print, it says that you cannot go above your stated cash advance limit, which is perhaps 1/8 of your total credit line.  You have to pay ballooned interest if you go above the credit line.  Making it worse, they pre-print a check for the approximately-1/5 of your credit line & dangle it in front of your nose ....

    Proud trainer of Heart, a black female Miniature Poodle, as a Psychiatric Service Dog

    Enter His gates with thanksgiving, His courts with praise; give thanks to Him, bless His Name. (Psalm 100)

    Yours in thrift, Deb


    Officially Recognized Stretchpert in Government & Charity Assistance, Kosher Living and Prayer Circle

  • 06-25-2007 3:35 PM In reply to

    Re: Loans to Stay Away From

    I found another one...

    It's billed as a No Annual Fee, No Overlimit Fee, No Late Fee, No Balance Transfer Fee, No Cash Advance Fee, 9.99% Fixed debt-card. It's the Purity Card issued by First National Bank of Omaha.

    Sounds great... until you read the Summary of Credit Terms:

    There aren't any fees for being late, for example, but it does trigger their Penalty Interest Rate. A whopping 31.82% Heck, with a $5,000 balance, your interest cost would leap from  $41.63/month to $132! A difference of about $90/month.

    On the other hand, a regular old standard late fee will set you back $39... each time. Of course, even one late fee can trigger penalty rates from most debt-card providers, so, you're still toast.

    Oh, and that FIXED 9.99%...

    You understand that the terms of your account, including APRs, are subject to change. APRs are not guaranteed and they may change to higher APRs. Fixed APRs may change to variable APRs and vice versa.

    Stay away. Stay far away!

    -------------------
    Greg Moore is the Creator of the Wealth Building System
    'DebtIntoWealth -- Lessons from My Journey to Debt Freedom'

       "My husband is due to retire from the Navy in just two
        years at a young 42 years old, and right around then,
        using your system, we'll be completely debt free, which
        means  we could literally never have to work another day,
        if we choose."    -- Andrea Davis, South Korea

    You CAN get out of debt and break the addiction. Click now:
    http://www.debtintowealth.com/maxedout.html

  • 06-25-2007 4:06 PM In reply to

    • Brandy
    • Top 10 Contributor
    • Joined on 03-28-2007
    • Saving in South Louisiana
    • Posts 14,159

    Re: Loans to Stay Away From

    Thanks for adding that one. It doesn't sound good at all.

     

    Your Dollar Stretching Assistant Community Moderator

    and

    Stretchpert in.... Schooling; Food Programs Co-ops and Clubs ; Recalls




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