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Forum Feedback Rates, are you serious?

Rates, are you serious?
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6:48 pm
February 17, 2012


Window Shopping

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I stopped by to see about a loan, but I checked the rates and OMG!

 

Over 400%, are you serious? Isn't that illegal? I've seen gangster movies where the "mob" didn't charge rates like that!

Sorry, but I think I will try something else. Cry

12:34 pm
February 20, 2012


CashNetUSA

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Hey Window Shopping, 

Since we offer our customers a financial product, we are required by law to report our rates on our website as an annual percentage rate (APR). APR is meant to represent the cost of a loan borrowed for an entire year. Since payday loans are only borrowed for a couple of weeks, the APR will be quite large. However, if you look at the cost of the loan in dollar amounts, not APR, you'll start to understand why APR isn't the best way to represent the cost of a payday loan. To give you an example, let's say you take out a $100 payday loan at 486.67% in Mississippi for 15 days. The APR sounds high, but you would end up paying back $120 at the end of the 15 days, which is just $20 more than the amount you originally borrowed. Keep in mind that loan types and rates and terms vary by state. If you want to find out more about loans in your state, please check out our Rates and Terms page or feel free to call us anytime at 888.801.9075 or chat with us live.
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*CashNetUSA and third party lender funds are generally deposited via ACH for delivery next business day if approved by 9pm CT Mon. – Thu. or by 7pm CT Sun.

**Due to state and verification requirements, not all applicants for online loans may be eligible for instant approval by CashNetUSA or third party lenders.

***Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria.

†CashNetUSA or third party lender does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via national databases including, but not limited to, Tele-Track and Clarity. If you have defaulted on past transactions, you may be declined for a cash advance from CashNetUSA.

‡Maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details.

++Please see Rates and Terms to check the availability of online loans in your state. CashNetUSA is not a lender in all states. In some states, CashNetUSA will (i) act as a Credit Service Organization to arrange a loan between you and a third party lender, or (ii) connect you with a financial matching service.

Customer Notice: Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.