You know what I absolutely LOVE… When companies try to take advantage of people. Today, I received a letter from Rise Credit, informing me that I had been approved for a $2,600 loan. Normally I wouldn’t look twice at these kind of offers but, for whatever reason, I decided to check out the APR. This is when I almost had a heart attack…
224.36% APR… Let me make one thing clear… that is two hundred and twenty-four. That is NOT a typo! Paying $236.37 every 2 weeks, for a year and a half, to pay off a $2,600 loan??? This should be ILLEGAL! At that rate, if only the minimum payment was made, I would end up paying back roughly $8,500!
What makes me the most upset is that there are people out there who are going to fall for this. Hook, line and sinker… There are a lot of people, who are down on their luck and won’t take the time to read the fine print. I’m sure there will be a few hardened hearts out there, that will declare that anyone who would take this “deal” without thoroughly reading all of the ins an outs, deserve it. But, you know what… when you’re hurting, you’re hurting. When you’re struggling to make ends meets while slowly drowning in your debt, it can be really easy to do things out of sheer desperation. I know this to be a fact, because once upon a time Hubs and I allowed ourselves to fall victim to one of these schemes. Luckily my Mom was there to bail us out of that financial whirlpool, but not everyone will have that luxury. Shoot… I’d venture to say that very few, who are distressed enough to trap themselves into this nightmare, have any kind of outside resources that could pull them out of this…. and then what?
This company… this “Rise Credit” and their disgusting greed is everything that’s wrong with today’s America. Preying on the weak and broken… Exploiting the desperate. This makes me sick.
People… the best way to protect yourselves from these companies, is to educate yourself. Read everything… If it seems too good to be true, read it again. If it still seems legit, have someone else read it. Don’t allow these monsters to take advantage of your situation. A quick fix, like this, only ends up creating a much larger dilemma in the long run. This company cares nothing about you or your issues. They are lining their pockets with dollars that you probably don’t even have to spare. Once again I have to ask myself… how can this type of manipulation be legal?