itrev82 Posted January 11, 2008 Report Share Posted January 11, 2008 I just had to share something that I received in the mail that was SHOCKING to me...Brookwood Loans is pleased to offer you an unsecured loan between $1000-3000! You are Pre-Qualified.... "Fixed Simple Interest Rate: Your rate of interest will not change. Loans have an APR of 96%" (No, not a type.. Ninety-six percent!) Further down: Loan amount of $1000 = 24 payments of $94.98-----I have to say I am utterly DISGUSTED by this company. This is HORRIBLE.. and frankly, I know my credit is better than this.. I have credit cards with $3k limits with MUCH better terms. Needless to say, I shredded this. I really want to call and yell at them for being so sleazy--I'm in a fiesty mood today. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted January 11, 2008 Report Share Posted January 11, 2008 "Fixed Simple Interest Rate: Your rate of interest will not change. Loans have an APR of 96%" (No, not a type.. Ninety-six percent!) Further down: Loan amount of $1000 = 24 payments of $94.9824 x $ 94.98 = $ 2279.52That's not too bad, for the yearly repayment on 1K loan. I don't even think the Mob is that bad! Link to comment Share on other sites More sharing options...
virginiabound Posted January 11, 2008 Report Share Posted January 11, 2008 I don't even think the Mob is that bad!At least they won't break your legs if you don't pay them back....they'll just sick a CA on you.I just don't know which is worse Oh wait, yes I do! Link to comment Share on other sites More sharing options...
itrev82 Posted January 11, 2008 Author Report Share Posted January 11, 2008 At least they won't break your legs if you don't pay them back....they'll just sick a CA on you.I just don't know which is worse Oh wait, yes I do! The collection agency! Link to comment Share on other sites More sharing options...
virginiabound Posted January 11, 2008 Report Share Posted January 11, 2008 Give that Tiger a Prize! Link to comment Share on other sites More sharing options...
Freak Posted January 11, 2008 Report Share Posted January 11, 2008 The broken legs last for a few weeks. The TL remains for 7 years. Link to comment Share on other sites More sharing options...
CleverCynic Posted January 11, 2008 Report Share Posted January 11, 2008 Someone out there will take it to buy a $1500 tv marked down to $999 and rave forever what a great deal they got and timely set of circumstances. This really isn't any different than a $1000 rent to own item either. Link to comment Share on other sites More sharing options...
razr Posted January 12, 2008 Report Share Posted January 12, 2008 Cashcall.com anyone?Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount $5,075 Loan $5,000 $75 24.58% 84 $125.23 $5,075 Loan $5,000 $75 70.08% 84 $294.50 $2,600 Loan $2,525 $75 26.88% 42 $92.08 $2,600 Loan $2,525 $75 99.25% 42 $216.55 $1,500 Loan $1,000 $500 141.42% 12 $159.83 Link to comment Share on other sites More sharing options...
debtmamma Posted January 12, 2008 Report Share Posted January 12, 2008 ok but where do you borrow from when trad lenders won't lend you $ I had FICO score in 770s and could not even get car loan or a sig loan from a CU because my income was too low and I had no history of debt experience they said. I ended up doing a payday loan at a crazy APR with fees. I borrwed $400 and paid $150 ($75 for each cycle). 1 Link to comment Share on other sites More sharing options...
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