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Discussion in 'Credit Talk' started by judyputy, Apr 30, 2001.

  1. Apr 30, 2001 #1
    judyputy

    judyputy Well-Known Member

    Just opening my mail while I checked the board and I got an offer from Wells Fargo that you all will think is too good to be TRUE!

    They will let me cash this check for $1062.00. All I have to do is sign it and I have my money. All for the small price of.........

    drumroll please............


    36% INTEREST! YEA! SURE GONNA SEND THAT ONE IN. NOT

    OH MY GOD! People probably send these thing in without reading them or are desperate and need the money from these vultures offer!

    judy
     
  3. Apr 30, 2001 #2
    Dani

    Dani Well-Known Member

    Good lord, 36%!! Loan sharks probably don't even make that much profit.

    Dani
     
  4. Apr 30, 2001 #3
    Mirage

    Mirage Well-Known Member

    In my neck of the woods, we have payday loans. The APR comes out to be around 365%

    It's all legit.

    Best regards,
    Sam
     
  5. Apr 30, 2001 #4
    creditwork

    creditwork Well-Known Member

    I am sure it is legit, but it is also unethical.
    Exercise your current credit and get lower rates and higher limits from reputable companies.

    www.creditsense.com
     
  6. Apr 30, 2001 #5
    Nave

    Nave Well-Known Member

    It truly is neither ethical NOR legit...

    Usury
    Charging more than the maximum legally permitted rate of interest.

    but you are correct...the legitimacy comes from certain exemptions that states allow for companies to circumvent the usury laws and the fact that about half the states have no limits at all.

    Here is an interesting article:
    www.bankrate.com/brm/news/cc/19980202.asp
    Usury laws offer diminishing protection for credit card holders

    -Dave
     
  7. Apr 30, 2001 #6
    miles

    miles Well-Known Member

    That is ridiculous. I don't know how some Wells Fargo employees live with themselves. They are clearly taking advantage individuals. Good thing you are educated enough on credit issues to decline the offer. It's really sad for those who are not.
     
  8. Apr 30, 2001 #7
    molly

    molly Well-Known Member

    Judy, you should send it back to them with a little present like momof3 did once.
     
  9. Apr 30, 2001 #8
    MikeB

    MikeB Banned

    I don't see what is hard to believe. Credit card companies "invested" over $30 million to the 2000/2001 Presidential campaigns. For thanks, George W. Bush signed the 2001 Bankruptcy Bill. It's called legal bribery. When soft money is curtailed, maybe reform will sweep the credit card industry, but I wouldn't hold my breath on it.
     
  10. May 1, 2001 #9
    lbrown59

    lbrown59 Well-Known Member

    What did she do?
     
  11. May 1, 2001 #10
    Momof3

    Momof3 Well-Known Member

    compliments of my rabbit

    I sent cross country crooks a few sample droppings from my little bunny rabbit:) I have never gotten anything else since from them.

    Mom
     
  12. May 1, 2001 #11
    Nave

    Nave Well-Known Member

    Re: compliments of my rabbit

    Oh that's hillarious! YUCK! But hillarious. Should have send a note:

    "Silly maggots, your tricks are for kids"

    -Dave
     
  13. May 2, 2001 #12
    lbrown59

    lbrown59 Well-Known Member

    Re: compliments of my rabbit

    Bout time they got some crap back!
     

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