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September 24th, 2013 at 06:58 pm

I saw a commercial for Spotloan tonight and just out of curiosity I went to their website to check them out. What a racket! They state that their maximum interest rate is 390%!! Can you believe it?? The example they put up was to borrow $600 and pay $114 every two weeks for 6 months. That means you would pay back $1368. That is more than 100% interest! The sad thing is that people are so desperate that they fall for these type of loans. It is really sad! I may be desperate for money but I would like to think that I never would fall for any of these rackets!

4 Responses to “Spotloan”

  1. wowitsawonderfullife Says:

    I saw one like that at it was 600%. I was just shocked. Isn't that usary?

  2. creditcardfree Says:

    I think those places should be illegal. It is just preying on desperate and uneducated. Just not ethical in my opinion! I'm so glad you know better. Smile

  3. PauletteGoddard Says:

    The shocking thing I learned about payday lending places or usurers like SpotLoan is how many of them are owned by major banks.

  4. LuckyRobin Says:

    Loan sharks, pure and simple. They just don't break your knees.

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