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

(minimum 6 characters)

Has anyone ever used personal credit services online?

They are a financed loan from 1year to 5 giving you lenders information for a fee then you contact the lender and get a loan. They claim it is a gurentee to get approved at least $1,000. Has anyone ever done this? If so did it put you behind or did it help? Ias there hidden catches? How long did it take to get the money?

Answer Question

Asked by anh2231 at 9:00 AM on Jun. 12, 2010 in Money & Work

Level 2 (7 Credits)
Answers (4)
  • The catch is putting yourself in a bigger debt than you really got into, whats the interest rate?

    Answer by IraqiVetWife at 10:09 AM on Jun. 12, 2010

  • You pay $150 or $75 if its in the first 15 days.
    After you recieve the lenders information you have to apply within 30 days.
    Interest can be anywhere from 2% to 19%
    You are guarennteed approval they say though.
    You can finance for 1-5 years, unless you decide to pay it off earlier whitch we could in Feb with our taxes
    Say you take $1000 you pay $40 month or so
    We recently were robbed and all our bills are behind so we need money and fast
    I know I would be responsible and all, im just worried that its not legit or something. Say I pay the fee and no lender gives me money. Ive never done anything like this before.
    This is why im asking if anyone has done this?

    Answer by anh2231 at 11:43 AM on Jun. 12, 2010

  • The catch is that they probably approve everyone because they can charge high interest rates. That what companies like American General Finance do. They approve just about anyone, but then charge interest out the wazoo and you end up paying WAY too much for the initial loan.

    If you need money, why don't you try some alternative ways to come up with the money. Have a yard sale, sell some things on craig's list or ebay, donate plasma, post an ad on CL for cleaning a few houses or doing odd jobs (my DH has made $500 in the past 3 weeks just pulling out bushes and laying mulch), offer to babysit for some people, etc. Taking out a loan may seem like a quick fix, but you may just put yourself in more of a quandry later.

    Answer by SherriPie at 8:40 AM on Jun. 13, 2010

  • It was a scam, now we are in more debt. We lost $75

    Answer by anh2231 at 7:24 PM on Jun. 17, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.

Next question in Money & Work

Next question overall (Just for Fun)