Those Check Into Cash commercials make me sick!!

[Shugardrawers]

Has anyone else seen the new commercial for Check Into Cash? There's a lady who's house burned down and she couldn't get an insurance adjustor out for a couple of days. Then there's a guy who's parents were about to lose their home and they needed $300 more to "save" it. So both these folks go get a payday loan. They are praising this place like they saved their lives. Check cashing places are nothing more than loan sharks with a business license. At 500% APR they are not doing you a favor people! So many people get caught up in the vicious cycle of having to take out another loan to pay off their previous loan. It just infuriates me that they are making themselves out to be some kind of amazing social service program

 

[mrsltg]

For people who can't get loans elsewhere they are helpful. Some people don't have the credit even for a sub-prime loan and they need money today, not tomorrow or when someone else dictates. You are right about the interest- it's exceptionally high - however, they need to cover their losses as there is a good reason these customers can't get money elsewhere...

 

[Beth76]

I know what you mean. I haven't seen the ones you're talking about. But they always look like such nice places with nice people working at and going into. Like a glorified ATM.

 

[AllyandJack]

We have the worst commercials here for title loans on cars. They always show some poor soul with no teeth who is obviously in dire financial straits talking about how great it was because they didn't require a credit check. They talk about how their "government check" was late and they really needed the money, so they go and sign over their car for cash. They talk about how they needed money to pay their rent. It's terrible - they say how they've been back many times and they are "repeat customers". Sometimes, it's an actor looking all excited that he got his cash to take his girl out for the weekend. As if that's a reason to sign over title to your car.

Not once do they say, "Oh, by the way, we will come and repo your car if you miss a payment."

 

[Pugdog007]

Agree with you. Don't understand it. I just can't imagine being in a position where I felt like I had to borrow money this way?

You can tell here... that the demographic they're targeting is not the brightest of the bunch. Some of the commercials are hilarious.

 

[DVC Sadie]

For people who can't get loans elsewhere they are helpful. Some people don't have the credit even for a sub-prime loan and they need money today, not tomorrow or when someone else dictates. You are right about the interest- it's exceptionally high - however, they need to cover their losses as there is a good reason these customers can't get money elsewhere...

I'm sorry but I have to disagree with you on this your post. These types of places are sucking the the blood out of people who do not even realize that they are paying 500% interest.

I would recommend someone go to a loan shark down the street before I would suggest anyone going to one of these places.

 

[Shugardrawers]

Just because there is a market for these places doesn't make their business practices moral or ethical. They prey on people who are in dire straits, who can't get help anywhere else and who usually don't realize they may find themselves in a vicious cycle.

I actually did this a couple of times in the past. I knew exactly what I was getting into but many people don't. The problem is that if you borrow say $300, when it comes due you'll pay it and be $300 short again. That's how people get into that never ending cycle of borrowing from Peter to pay Paul.

 

[HayGan]

I'm sorry but I have to disagree with you on this your post. These types of places are sucking the the blood out of people who do not even realize that they are paying 500% interest.

I would recommend someone go to a loan shark down the street before I would suggest anyone going to one of these places.

So you would recommend that someone go to someone who could cause bodily harm rather than an established business for a short term loan. I'm sorry but that statement is ridiculous!

Granted those places are extremely expensive but they provide a service to people who have no other means of getting cash in the short term. These places are businesses which take on a tremendous amount of risk in lending unsecured money. Plus they are a business - not a non-profit organization.

 

[DisneyMommyMichelle]

ughhh..those commercials are sooo annoying!

 

[binny]

I hate those commercials too!

One we have this guy is leaning over the counter and the cashier hands him the money and he says to his girlfirend " Whos the man baby? Got me some CASH"

Then they walk out to his convertible and she says " we got money for our quick weekend getaway"

Honey, if you have to borrow money from a place like that for a TRIP you have no business going!!!!

 

[ead79]

So you would recommend that someone go to someone who could cause bodily harm rather than an established business for a short term loan. I'm sorry but that statement is ridiculous!

Granted those places are extremely expensive but they provide a service to people who have no other means of getting cash in the short term. These places are businesses which take on a tremendous amount of risk in lending unsecured money. Plus they are a business - not a non-profit organization.

I totally agree with you. There is a reason that these places charge high interest rates—the customers have VERY poor or no credit. They cannot get conventional loans or credit cards. Thus, they are risky. These businesses charge what they do to cover their losses and build in some profit. There are products out there designed to help people move into the “regular” financial world and rebuild their credit over time—I just wish more people would take advantage of those products rather than use payday loans. I do agree that some of the ads are less than scrupulous.

 

[Free4Life11]

I have done Wells Fargo Direct Deposit Advance a number of times. They charge you $2 or each $20 you get and they deduct the amount + finance charge from your next direct deposit. I really like that feature because it comes in handy when you are in a bind.

 

[christineann]

The ex-husband has at least one judgement against him for over $10,000 from one of those places (he also has about 8 more from banks, car dealerships, the IRS, etc.). I thought those folks would break his kneecaps if he didn't pay them back. According to the judgement, he borrowed $10,000 and after taking their advance interest off the top, he got about $6,000.

 

[Keli]

I'm sorry to those who have said positive things about these places but I think they should be shut down! I feel like they are taking advantage of a segment of our population that is down and out and does need help but not that kind of help.

I think they encourage people to use those services at times when they could have found another means or done without the money for another few days and charge them outrageous, unbelievable, should-be-illegal interest rates.

I don't think we are doing anyone any favors by allowing these places to charge that kind of interest. What happens to those same people when they stiff these folks? Who will they borrow from then? At some point they won't be able to get a loan from anyone, anywhere. What will happen to them then? In the end those places won't really help them but they'll suck them dry for awhile and I wish we didn't allow it.

 

[joshsmom]

What I find amazing is that a co-worker of mine--college educated and bringing home at least $35,000 a year--got caught up with one of these places. If she wanted something new for her home, she went there. If she wanted to take a trip, she went there. She is buying her home so I suggested home equity loan instead. She's not disadvantaged in any way. But she did get caught up with them and she ended up owing THOUSANDS of dollars to them. I don't know what happened because she now works in another division, but I was just shocked that she thought this was a good idea.