Friday, July 13, 2012

A Loan Shark Is Cheaper

Hubby saw a commercial yesterday advertising a $10,000 loan from Western Sky Financial and you could get it same day.  The commercial basically made is sound like there was no strings attached.  Until you read the fine print, of course.  The fine print said there was an interest rate of 89.68%.  If you calculate that out over the life of the loan, that would come to over $62,000!

You could go to a loan shark cheaper than 89.68% interest.  Heck, even if you didn't pay the loan shark and he decided to break your legs, the hospital bill would be cheaper than $62,000.

I really feel sorry for these people who call this company for a loan and don't read the fine print.

1 comment:

  1. I remember an earlier commercial from the same company. They actually said something to the effect that borrowing from them wasn't cheap. I've noticed they've stopped.