Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

Has anyone used one of those "Fast Cash" loan companies?

I have never used one and want to know if it is a good idea. I got an application for one in the mail. The company seems legit and I have to fill out an online application to see how much I qualify for. The company says they can deposit the loan in my bank account. I am not sure how safe that is.
Has anyone used one before, or knows someone who has?

 
Kim370

Asked by Kim370 at 11:51 PM on Aug. 11, 2013 in Money & Work

Level 8 (267 Credits)
This question is closed.
Answers (8)
  • Oh its safe enough, but the APR is out of of this world!! For example..A $15 charge on a $100 2-week payday loan, the annual percentage rate is 3686% Most of them also can then automatically withdraw the amount you owe when your next paycheck is deposited into your account.
    BTW OP...he's pretty cute! :)
    Michigan-Mom74

    Answer by Michigan-Mom74 at 12:05 AM on Aug. 12, 2013

  • Look at the interest rates on some of those things. You'll be paying FOREVER. It's a vicious cycle, and you should avoid it unless it is a 100% emergency.
    PartyGalAnne

    Answer by PartyGalAnne at 11:56 PM on Aug. 11, 2013

  • Beware of the interest rate! It's nothing short of financial rape!
    Ballad

    Answer by Ballad at 12:01 AM on Aug. 12, 2013

  • Those places are loansharks.
    Ginger0104

    Answer by Ginger0104 at 12:28 AM on Aug. 12, 2013

  • ONLY as a LAST resort...and even then I'd avoid it if there was ANY other way to get money

    charlotsomtimes

    Answer by charlotsomtimes at 12:09 AM on Aug. 12, 2013

  • I used 1 once to avoid a collections agency taking me to court. I absolutely had NO other option. The interest rate was almost 400%, I had to make the payments with either cash or money orders (they wouldn't take checks or credit cards) and the employees were very rude and judgmental. This was over 18 months ago and I'm STILL getting calls and mail asking for my business again.

    I agree with the ladies above, use as an absolute LAST resort. The interest rate is ridiculous.
    tempsingl3mom

    Answer by tempsingl3mom at 2:06 AM on Aug. 12, 2013

  • No, it's not a good idea- especially not if they're soliciting by mail, imo.
    idareyou

    Answer by idareyou at 11:58 PM on Aug. 11, 2013

  • I would use it as a last result for sure. The interest rate is ridiculous!
    kyheavensmom

    Answer by kyheavensmom at 9:25 PM on Aug. 12, 2013

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN