Dallas, Texas
1.2K views 6 comments
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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.

Review about: Cash.

Review #253719 is a subjective opinion of a user.

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Reason of Review / Monetary Loss Not specified / $535
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pissed off in texas
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.
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.
to yourbad #1172679
No matter what or how long, they still shouldn't charge that much, period...
pissed off in texas
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.
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.
to None #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....

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