Pricewheels.com

  • Home
  • | Contact Us |
  • New Cars
  • Used Cars
  • Auto Loans
  • What Car Can I Afford
  • Car News

Trapped by Web Loan With the 842% Interest Rate

Research
  • See pricing and all the information you need to pick the right new car.

  • New Cars

  • Used car technical specifications, gas mileage, safety ratings, reviews and more.

  • Used Cars
Extended Warranty
  • Don't get caught off guard by expensive repair bills. Protect yourself today.

  • Get Extended Warranty on Your Vehicle
Get Auto Loan Rates
State:
Zip:
Loan Type:
Loan Amount:

Get New Car Quote
Make:
Model:

Find Car Parts
Year:
Make:
Model:

May 13th, 2008 by Liz Opsitnik

Yes, you read the headline right.  Web loans with 842% interest rates do exist, with some even as high as 2,000%.  I know what you’re thinking.  Who in their right mind would apply for a loan with such a ridiculous interest rate?

The majority of those who are using online loan services don’t have the best credit, so they wouldn’t qualify for a typical bank loan or home equity loan.

These loans are called online payday loans, similar to the ones you can get at the storefront centers, offering a loan of money until you get paid.  These loans often come with steep fees and interest rates though.

Payday loans usually are marketed to poor and low-middle income workers.  Now even middle class workers are resorting to online loans to cover themselves until payday due to high gas and food prices and tight credit.

The Chicago Tribune ran this story on May 11 and it is such an eye-opener to the ways that companies prey on consumers who are going through a tough financial time.  Click here to read the whole story to make sure you don’t get caught up in the same situation that the woman in the story did.


Posted in Bad Credit, Financing | No Comments

Comments are closed.


EXTENDED WARRANTY QUOTE

Protect your vehicle with an extended warranty! Get a fast free quote on affordable extended warranties for used and new cars here!

Get an Extended Warranty !

CHECK INSURANCE RATES

Don't forget to factor insurance costs into your research. Get accurate insurance rate information on any vehicle and shop for the best deal.

See How Much You Can Save!

AUTO LOAN QUOTE

Get real price quotes from local dealerships. Don't buy a car without checking the price first! Pit dealers against each other to get the best deal possible!

Explore Your Financing Options!


  • Auto Loan Center
  • Free Auto Loan Quote
  • Auto Loan Calculator
  • Car Loan Rates
  • Auto Rebates & Incentives
  • Auto Loan News
  • Brake Pad Center
  • Buy Brake Pads
  • Types of Brake Pads
  • Brake Shoes
  • Changing Your Brake Pads
  • Air Shock Center
  • Air Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs
  • Shock Center
  • Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs

New Cars | Finance | Privacy Policy | News Letter | Unsubscribe | About Us | Dealer Program | Affilliate Program | Site Map | Jobs

© Copyright 2002 - {$smarty.now|date_format:"%Y"}. PriceWheels, LLC. All rights reserved.

{literal} {/literal}