The Cash Store - Interest Rate Well Above Credit Card Default

37 of 38 The Cash Store reviews

Do not do business with the "Cash Store" or any other business of this type.They are freely willing to offer loans and don't require a credit check, but what they don't tell you is they will charge you an APR of over 600%.

No, that is NOT a misprint...600%! Even the credit card companies don't charge a default rate over 35% APR.

This type of activity is worse than a credit card scam and should be reported to government agencies. If you want to do this kind of business, fine, but charge approximately what a default rate on a credit card is, which ranges from 24.99% to 34.99%.

If you want to be on the high end, ok, but 611.72% is WAY above that.For a $100 loan, you are paying back $711.

This review is a subjective opinion of a user.
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More Review Details

Monetary loss:
$535
Product or service
Cash
Review category
Cash Services
review #253719 by
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Helpful? 4 Yes 4 1 No 1
Had the same issue 4 Yes 4
37 of 38 The Cash Store reviews
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pissed off in texas

Jul 08, 2012 #509186

It was not me who had the loan, it was a distant family member. I have NEVER done business with a cash store type place. You did not read the post, did you, yourbad? Our distant family member (an in-law) had nothing but trouble with them. They have had to close 2 bank accounts and start another. I am reporting what they told us to keep others from getting scammed...just so you know.

1 0 Reply
yourbad

Jul 08, 2012 #509156

None is right. I have had multiple loans with the cash store. Yes, the APR is ridiculous, but that is for a YEAR. First of all, the loans don't even last that long. And second of all, I always pay mine off on my first due date. So for borrowing $200, I only had to pay back $240.90 on my first due date. "Pissed off in Texas," maybe you should learn to read the fine print and know what you're signing.

2 4 Reply
Anonymous

Jun 13 #1172679

No matter what or how long, they still shouldn't charge that much, period...

1 0 Reply
pissed off in texas

Jun 21, 2012 #499742

One thing people need to realize is that when you go into places like this, they sell your info to other companies without your knowledge and you will have a headache for life, if you're not careful. One of our family members is having loads of problems that never seem to end. Companies that they never heard of is taking money out of their account and they have had to close it twice already. They are going to have to go to another bank.

0 0 Reply
None

May 11, 2012 #479208

I worked for the company for about 5 years, and while I see where u are coming from those rates are APR which is an annual rate, this is a SHORT term loan (normaly about twp weeks) so when used the proper way its cheaper than latefees on most bills or bounced checks.

1 1 Reply
Anonymous

Dec 03, 2015 #1073512

Some store managers at the cash store are amazing explaining every detail and doing what they can to help.you be a successful educated borrowers. Others are not helpful and just want to earn an incentive....

0 0 Reply
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