They’re KIDDING, Right?
We’ve all by now seen those American Indian Tribe payday loan services offered on the television commercials. There’s an attractive Indian woman or man and some tribal drumming in the background and they tell you how great it is to borrow money from the Red Man and (as one of them admits) “..of course it’s expensive.” but they don’t say HOW expensive on the commercial and the ‘small print’ is never big enough or left on the screen long enough to read.
One of the links that MyPoints sent me recently was to Four Seasons Cash. I get to their page and there greeting me is a smoking hot American Indian (maybe) woman all full of smiles. There on the page it states:
“Four Seasons Cash is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. Four Seasons Cash is a privately owned Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.”
It’s not even a tribe owned or run business it’s just one person who can claim some percentage of Sioux blood running this scam.
I started looking around the site for the important information. Under their ‘Disclosures’ section I had to look hard to find the small and very nearly hidden ‘fees’ link.
Are you ready for this? Their current (as I write this on 07/11/2011) APR is…
That’s more than FIVE HUNDRED PERCENT interest. If you borrow their maximum allowed amount, $1,500, for two weeks you’ll end up paying $298.20 in interest on your loan. If you’re on a fixed income and only get a check once a month that $1,500 loan will cost you $660.30 in INTEREST if you wait 31 days to pay it back!
This is nothing more than a scam to get you under their thumb and NEVER let you out again. This is despicable, deplorable, depraved… disgusting and a whole lot of other D words. I hope I never get so desperate to let these type of scumbags get their hooks into me. I hope no one I know ever does either.
Hawk (518.29 freaking percent?!)