Thinkcash....any advice???? Plz, I am desperate!

If you are sure that you can afford to pay them back along with interest and other charges by August, you can definitely take the loan from Thinkcash. But since the high interest rate add up to the principle amount of the loan, there is every possibility that you may fall in debt trap. I would suggest you to read the terms and conditions in details before applying for the loan.

i agree, please make sure this is something you can afford and that will not make your life harder. i know that you will save money but you will also spend money on interest and fees. please do not take this decision lightly.

read everything they e-mail as they are backed by first bank of delaware.they are licensed or legal where they lend.just be careful with any internet loan.

Oh Boy, Think Cash strikes again :(

Hello again and thanks for the responses.

Can anyone tell me what I can expect to pay if borrowing $2500 in May....if I pay it back in August? I called Thinkcash yesterday and the rep on the phone would not give me any solid info until I put through an application. I just don't understand why it is not enough to give my name and social security number...why do I have to give out my checking account info? It seemed a bit scary to me so I did not give the rep the info. I mean honestly, I'm asking to borrow a specific amount of money for a specific amount of time. If this is an installment loan why can't they tell me what the payments will be before I actually apply? Are the payment amounts different for different people/fico scores?

Thanks everyone...I am new to this and am confused on what the right thing to do is. I will save over $20K if I can complete this debt settlement agreement...but I need the $2500 to do so. I wish I had another way to get the $2500 but I have sold everything I can sell and am currently living paycheck to paycheck, only buying the necessities to get by. Fortunately if I can complete this settlement deal I will have a good cash flow again come July. I am really desperate to make this happen.

i honestly do not know how much they will charge you - i know it will be a lot :(

They have a very high interest rate.

If you have any other way please look into it.

There interest rate is similair to Cash Call. Somewhere in the ball park of %99.20. You borrow $2500 and you will ultimately pay back $9000 on a monthly $215 payment plan. The only way to avoid this is pay it off in a lump sum right away!!

I agree with others above that you should find another loan source. :? READ here for more information.

anya;
Thanks for the response. Okay 99% interest is of course insane but if the loan was paid off within 90 days, it couldn't be anywhere close to $9000, could it? So for example, if the loan was taken out in May, and in June I paid around $215, in July I paid around $215, what would the remaining amount due on the loan in August be? I would have around $3000 to pay in August.

I never was good at math but I can't imagine that for such a short period of time I would be taking such a huge hit. Or am I wrong????? Sigh.

When I said $9000 that is over a period of years. The trick with high interest rates is simply this:

The longer they stretch the payback period the more it will cost you. Just like a PDL. The more times you rollover or extend the loan versus paying it right back. The more interest adds up and the less the principal gets paid. So you stretch $2500 over a 3-5 yr period with a %99.20 interest rate then YIKES :shock:

The trick is to pay it off in whole versus paying $215 for 5 years to get nowhere but in financial hardship :? If you borrowed money and paid it back within 90 days then I do not see that costing you over $3000. However, everyone takes these loans thinking they can repay in a short period of time. And that is what gets us in trouble financialy :( PLEASE weigh your options before deciding. Best of luck!

Ahh, okay I see what you are saying. Yes, stretched over 3-5 years I can see how that would be very costly. At the very worst it might take me 120 days to come up with $3000 (after my debt settlement is done) so I feel better about taking this type of loan if this is my only choice. I will proceed with caution though, especially after all of these warnings!

Thanks so much for explaining things more thoroughly, I so greatly appreciate it!

please make sure you do stick to that.anything else and you could end up regretting it.

With Think Cash you pay every payday not monthyly at least that is how my loan was set up. On a $750 loan I paid $86.87 every payday and the payment schedule was 8 or 9 months of payments with the first 3 or 4 months being interest only.

But if I pay off the total amount due, ahead of schedule,the loan is considered paid in full, yes? No penalties?

That is correct they even encourage you to make additional or larger payments if possible. If you are sure you can pay it off and you have no other alternative you have to do what works best for you.

Thanks so much....I am still nervous about it but it seems to be my only choice. At least now I know just how important it is to get it paid off asap.
Thanks everyone!

Please try to pay it off as soon as possible if you borrow. Best of Luck!

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Ouch....that hurts!!! I can't believe it is almost double for such a short period of time. I read something about prosper on this site and thought it might be a better alternative but they are not accepting new members at this time. Back to the drawing board.

I'm now looking into possibly doing some early spring clean up jobs to make some money, but I doubt I will make over $2000. This is the pits.

Just hang in there and keep us posted :wink:

Their interest rates are outrageous. Be very careful. You'll end up paying through the nose.