Thank goodness for having a dvr to where I can pause this stuff and a camera handy. Check this out. Look at that interest rate!! I couldn’t believe what I was seeing on the TV. These places should be outright illegal!
In case you’re not able to see the image, here’s what it discloses on a “typical” loan of $2,600.00
- 99.25% Interest Rate
- 42 Monthly payments of 216.55
- Origination fee of 75.00
So, 216.55 times 42 equals $9, 095.10. So for a loan of 2,600 dollars, you end up paying $6495.10 more than what you took out for the loan. And we wonder why so many consumers are in debt!
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