Consumerism Commentary - Latest Comments in What Are You Talking About, Willis? High-Interest Loans.

Re: What Are You Talking About, Willis? High-Interest Loans.

christine — Thu, 12 Nov 2009 00:57:23 -0000

well i'm single mother hard worker and looking for some company to give me a loan the only response is pay day loan .I don't want any dealing with them bad luck .if anyone knows of such place E-mail me.

Re: What Are You Talking About, Willis? High-Interest Loans.

L. Marie Joseph — Fri, 22 Jun 2007 15:59:43 -0000

Paying almost 4 years on a 1,000 loan. No thanks.

By the way, I have seen that commercial and we all know Gary is broke.

I have to hand it to him, he still trys to make a quick buck here and there.

Re: What Are You Talking About, Willis? High-Interest Loans.

Ian @ FamilyFinanceBlog — Thu, 21 Jun 2007 13:33:18 -0000

Wow! I've always known that those rates had to be awful, but I never realized how awful they were. It's a shame we live in a culture where people probably get these loans for the large screen TV they need RIGHT NOW, not realizing it will cost them 4 times as much.

Re: What Are You Talking About, Willis? High-Interest Loans.

plonkee — Thu, 21 Jun 2007 13:05:02 -0000

I've had junk mail advertising loans with 147% APR. In my case, I think they actually are loan sharks with a letterhead.

Re: What Are You Talking About, Willis? High-Interest Loans.

mapgirl — Thu, 21 Jun 2007 11:43:08 -0000

Dy, try Prosper.com. It's not as usurious as loan sharking, but still beats a high yield savings account. :-D

Re: What Are You Talking About, Willis? High-Interest Loans.

Chris — Thu, 21 Jun 2007 09:40:47 -0000

Wow! Seeing all the numbers lined up really brings it home. A 7 year loan for $5k and you end up paying over $21k. Incredible.

Re: What Are You Talking About, Willis? High-Interest Loans.

Dy — Thu, 21 Jun 2007 09:38:37 -0000

I recently had a discuss with some friends about how we should start a loan sharking business. The returns sound great because most people wouldn't pay off the loans on time and the interest alone would be considerable. But I thought about the moral implications of making someone akin to an indentured servant and I just couldn't do it.