We have tried to unsubscribe to the 3yearloans.com email ads we always get even though we never signed up for them. My wife and I have never been financially desperate enough to use payday or title loan places as we are lucky enough to have excellent and well paying full time jobs. We do pity the people that have to resort to borrowing money from loan sharks to make ends meet.
We wanted to give you all a heads up on online lenders like 3yearloans.com who are really not a lender, but an entity that matches you up with loan sharks who will charge you overwhelming APR(Annual Percentage Rates).
Be on the lookout for “lenders” who
- Does NOT care about your credit history.
- Will guarantees you a loan with very few questions asked.
- Once you have been instantly approved, “lender” will demand fees upfront for unclear reasons like “insurance,” “processing” , “paperwork” or “handling”.
The FTC says a demand for any upfront fee is a signal to get the hell out of Dodge.
A reputable lender will take its fees from the amount that you borrow. They will NOT ask you to give them your own money, out of pocket, in advance to get a loan. If you’re falling behind on your bills or have super high medical bills or home repair costs, contact your creditors to ask for help. There are nonprofit credit counseling services that will assist you.
Finally, the so called Trusted Source for Personal Loans email advertisement you see below actually matches you up with EXTREMELY SHORT TERM lenders who have APRs ranging from 260.71% to 1825.00%. APRs. The average APR from lenders provided by 3yearloans.com is 700%.
Allow me to put that in perspective for the poor soul that needs $1000 immediately for a dire emergency and decides to apply for a 6 month loan. The interest calculation is quite easy. 700% of $1000 is $7000 per year in interest!(Did you just faint? ….. Wake up please) Since 6 months is half a year, you would still owe $3500 which is around $600 per month in interest for a measly $1000 loan!
Please do not give these highly unethical lenders your money. Move back in with parents or friends which may not be ideal, but is better than giving ruthless lenders your money. Avoid unsecured loans and lending websites with lighting fast application forms that seem too good to be true advertising 4.99% interest rates ( actually 4.99% per week which is not mentioned, a typical advertising act of deception)