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Need extra money for Christmas? You can get a 279.5% flex loan from Advance Financial
Posted on 11/14/25 at 3:24 pm
Posted on 11/14/25 at 3:24 pm
4
Posted on 11/14/25 at 3:31 pm to stout
Do we not have fricking usury laws anymore??? WTF
Posted on 11/14/25 at 3:34 pm to stout
This is basically a payday loan
If you pay it off within 14 days (when you get another paycheck) you are charged about 10% which seems reasonable unless Im missing something
If you pay it off within 14 days (when you get another paycheck) you are charged about 10% which seems reasonable unless Im missing something
Posted on 11/14/25 at 3:35 pm to Broke
quote:
Do we not have fricking usury laws anymore??? WTF
frick this company and every thing they do. These loans are well beyond predatory. I hope they get buried for this.
On the other hand, who is stupid enough to take this loan? You be better off with a loan shark. Are people really this dumb?
Posted on 11/14/25 at 3:36 pm to RolltidePA
quote:
On the other hand, who is stupid enough to take this loan? You be better off with a loan shark. Are people really this dumb?
If people will do it let them. I’m sure this company deals with a huge percent that won’t pay the money back. Not a business I’d want to be in. Seems like an incredible hassle.
Posted on 11/14/25 at 3:39 pm to Broke
Truth in lending statements aren't hard to read, and this information is clearly publicly available. But, we also have people that take out 96 month car notes so wifey gets her much needed Denali line three row SUV for Braydiin and Braxtyn. Not much difference.
Posted on 11/14/25 at 4:03 pm to Cosmo
quote:
This is basically a payday loan
Not quite, there is no check or payment instrument to secure the loan. These are more akin to credit cards without the card. For most of the working poor, this is the only credit they can qualify for, it’s sad but a fact of life.
Posted on 11/14/25 at 4:08 pm to RolltidePA
quote:
who is stupid enough to take this loan?
Don't underestimate the lengths some people will go to to get a new pair of headphones or a new smartphone.
Posted on 11/14/25 at 4:08 pm to RolltidePA
quote:
Are people really this dumb?
C'mon you know the answer.
Maybe get SNAP to offset costs after you get an on paper divorce and move into the section 8 house with your baby mama but claim your permanent address at yo momma house
Posted on 11/14/25 at 6:16 pm to RolltidePA
quote:
frick this company and every thing they do. These loans are well beyond predatory. I hope they get buried for this.
Companies have to protect themselves. Many of the people who take loans with nearly 300% interest rates won't pay the loan back. These same people wouldn't pay it back if it carried a 20% interest rate.
This post was edited on 11/14/25 at 6:17 pm
Posted on 11/14/25 at 6:30 pm to Cosmo
quote:
If you pay it off within 14 days (when you get another paycheck) you are charged about 10% which seems reasonable unless Im missing something
The easy to read fine print that says minimum 2 payments required before payoff. So you have to give them $80 to borrow 400 and pay it back in 2 months, 1 day
Posted on 11/14/25 at 7:12 pm to stout
I was in a focus group for payday loans ans you'd be surprised how often people in low income areas take these out.
They'll use their car as collatetal. If they're late, they take the secured asset and profit. It's not uncommon to take possession of a $5,000 car based off a $1,000 loan.
They'll then auction the car out and turn 200-300% profit.
They'll use their car as collatetal. If they're late, they take the secured asset and profit. It's not uncommon to take possession of a $5,000 car based off a $1,000 loan.
They'll then auction the car out and turn 200-300% profit.
Posted on 11/14/25 at 7:12 pm to Broke
They call it a fee in most paperwork. Same with settlement funding companies. Hyper predatory
Posted on 11/14/25 at 11:36 pm to DiamondDog
I was in consumer finance for 15 years, and wrote alot of auto paper.. What you said is untrue.
First of all, and I’m sure not surprising, is people with bad credit do t take care of their stuff, so these vehicles are usually junk.
So you have a $1k loan that is $2100 on your books with interest, etc ( and by the way, if they don’t pay , the entire $2100 is bad debt against profit)
That $2100 usually turns into about an additional $1500 after court costs, etc are added to get allllll the way to a repo.
So you’re at $3600 for a “booked out” car. In reality that car is shite, you gotta put $500minimum into cleaning, oil
Change, Windhoek’s. Etc. and you end up selling for for $2500, and you lose $1600
First of all, and I’m sure not surprising, is people with bad credit do t take care of their stuff, so these vehicles are usually junk.
So you have a $1k loan that is $2100 on your books with interest, etc ( and by the way, if they don’t pay , the entire $2100 is bad debt against profit)
That $2100 usually turns into about an additional $1500 after court costs, etc are added to get allllll the way to a repo.
So you’re at $3600 for a “booked out” car. In reality that car is shite, you gotta put $500minimum into cleaning, oil
Change, Windhoek’s. Etc. and you end up selling for for $2500, and you lose $1600
Posted on 11/15/25 at 6:41 am to ATrillionaire
quote:
Companies have to protect themselves. Many of the people who take loans with nearly 300% interest rates won't pay the loan back. These same people wouldn't pay it back if it carried a 20% interest rate.
bullshite. They know exactly what they are getting into when they got into this business. Those interest rates are outrageous. And they are no doubt raking in profits or they'd a long go stopped doing it
Posted on 11/15/25 at 6:54 am to stout
So am I the only poster here that has ever used one of these payday loan stores? If you pay it back within the 14 days the interest isn't "horrible" but they will frick you HARD if you can't.
Posted on 11/15/25 at 11:37 am to TigerGman
quote:
bullshite. They know exactly what they are getting into when they got into this business. Those interest rates are outrageous. And they are no doubt raking in profits or they'd a long go stopped doing it
Good for them. Profit is the objective.
Posted on 11/15/25 at 11:42 am to TigerGman
quote:
Those interest rates are outrageous. And they are no doubt raking in profits or they'd a long go stopped doing it
Bad credit risks don't repay their loans, hence how they became bad credit risks to begin with. What's so hard to understand about why the interest rate is so high?
19 year old dudes make really dumb decisions, so their insurance rates are higher than 19 year old chicks or 40 year old married dudes because of the risk they represent. The 19 year old is probably going to cause five figures worth of damage to multiple vehicles (his and whomever he hits) in a five year span. So you price that in.
Posted on 11/15/25 at 12:16 pm to Broke
I agree, but I also think the morons that make up the general public should educate themselves. This company cannot force people to borrow from them.
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