$10,000 Loan: 84 monthly payments of $743.49 Total (are you ready for this): $62,453!
$1,500 Loan (which is really only a $1,000 loan because they take a $500 "fee" upfront and put $1,000 in your account): 24 monthly payments of $198.19 Total: $4,756
The good news is that Western Sky/CashCall is probably out of business due to recent lawsuits by the Consumer Financial Protection Bureau and several states (not Virginia): http://tinyurl.com/lh2cz95
But many other loansharks will try and get you to borrow money and tell you that it's OK, this isn't a payday loan, it is an installment loan. Don't buy it-remember that an installment loan is just as bad a deal if you cannot afford the payments and they charge outrageous upfront fees.
Giving a bad loan a different name does not help. Here are the safeguards necessary to create a successful small-dollar loan market http://tinyurl.com/kr3dzle.
Successful loan markets benefit borrowers and responsible lenders.
he
final report in the "Payday Lending in America" series discusses the
safeguards that are necessary to create successful small-dollar loan
markets, - See more at:
http://www.pewtrusts.org/our_work_detail.aspx?id=327397#sthash.dBfjJjFx.dpuf
he
final report in the "Payday Lending in America" series discusses the
safeguards that are necessary to create successful small-dollar loan
markets, - See more at:
http://www.pewtrusts.org/our_work_detail.aspx?id=327397#sthash.dBfjJjFx.dpuf
he
final report in the "Payday Lending in America" series discusses the
safeguards that are necessary to create successful small-dollar loan
markets, - See more at:
http://www.pewtrusts.org/our_work_detail.aspx?id=327397#sthash.dBfjJjFx.dpuf
