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Think Cash

Date: Wed, 10/03/2007 - 21:50

Submitted by cannr
on Wed, 10/03/2007 - 21:50

Posts: 9317 Credits: [Donate]

Total Replies: 41


Okay, while I was gone, I almost fell over when a commercial came on TV! It was a commercial for Think Cash. I about died! As goudah has pointed out many times, this is not a pdl. And as goudah has posted from Think Cash's website, it is an installment loan backed by a bank (like Cash Call). And on the commercial (as I was staring at it mesmorized), it also put that "quote" at the bottom of the TV screen. I was just waiting for friggin Gary Coleman to show up at any minute! I just shuddered. I had to share. They don't advertise it where I live. But they sure do in other places! Not a pdl, by far!


Okay, so others have seen this commercial? Incredible. I was in total shock. They had these "call center people" with headsets on telling you they're "ready to help". I am still amazed that they're advertising this type of robbery.


lrhall41

Submitted by cannr on Thu, 10/04/2007 - 10:21

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They are robbers. We don't have the advertisements here in SC, but I can only imagine their commercial. Like cash call, they make you think that they are a gift from God! A miracle! Gift my a$$. They are wicked. They are using all of the money they are stealing in interest to fund their advertisements so that they can suck in other innocent people and leave them without options for payback. I have seen it posted time and again. Loan sharkes don't even have the kind of interest rates these companies have.


lrhall41

Submitted by eleroo on Thu, 10/04/2007 - 10:33

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eleroo, they don't advertise it in my state either. But when I was in Florida, there it was! I guess that's why I was shocked. Because I honestly didn't believe they would actually advertise on television!


lrhall41

Submitted by cannr on Thu, 10/04/2007 - 11:02

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Wait a minute. Can they only lend in certain states? Is that "the deal"? Is this why I had no clue they were an installment loan rather than a true pdl until goudah pointed it out? Is this why I don't see them advertising here? I'm wondering because these people with Think Cash loans got them over the internet, like a pdl. Hmmmm.... can they only lend in certain states? Goudah? Anyone? Now I'm curious.


lrhall41

Submitted by cannr on Thu, 10/04/2007 - 20:17

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I am friggin DYING here! This avatar is so perfect for a Think Cash thread! Volley, you are awesome! :lol:


lrhall41

Submitted by cannr on Thu, 10/04/2007 - 21:02

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Yep. They are only licensed to lend in certain states. I just googled them and can't find exactly which states they are prohibited to lend in, but I am assuming SC is one since I haven't seen their commercials or anything. They have a website and the disclosure at the bottom of the page says they are backed by First Bank of Delaware. Why is that NOT surprising???!


lrhall41

Submitted by eleroo on Thu, 10/04/2007 - 21:03

( Posts: 1220 | Credits: )


as much as i hate pdl's, think cash and others like it have saved people like me who out of immaturety ruined their credit. yeah it's expensive but that is the price you pay for being irresponsible but if you use this responsibly it can get you out of a whole heap of debt! i know, i have been in many whole's that i would not have gotten out of other wise. And besides, they are just like the rest of us, trying to make a living and found a great way to do it. there will always be someone out there to fund them. rip or not, it is reality!


lrhall41

Submitted by on Wed, 10/31/2007 - 06:02

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Unfortunatly, this lender is actually a bank, and federal law allows FDIC insured banks to lend under their home state's laws and licensing. So this sort of company can't be stopped by state laws, and I seriously doubt the federal law that allows this will ever be changed. It would hinder banks too much.


lrhall41

Submitted by goudah2424 on Wed, 10/31/2007 - 07:18

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"Yep. They are only licensed to lend in certain states. I just googled them and can't find exactly which states they are prohibited to lend in, but I am assuming SC is one since I haven't seen their commercials or anything. They have a website and the disclosure at the bottom of the page says they are backed by First Bank of Delaware. Why is that NOT surprising???! "


Im confused. Which is it - they can or cannot loan in certain states? Thx!


lrhall41

Submitted by hvn_sent on Wed, 10/31/2007 - 08:10

( Posts: 218 | Credits: )


They are - For subprime, high risk loans they have their hands in many cookie jars.

Federal law would allow them to lend in any state under DE laws. They may chose to limit where they lend to for any number of reasons. They would not need to be licensed in any state they lend in besides DE, where the bank is registered.


lrhall41

Submitted by goudah2424 on Wed, 10/31/2007 - 08:18

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goudah, they are "associated" with Cash Call and Prosper? Do you know how many people "ask" about Prosper loans? So, in all actuality is a Prosper loan right up there with a Cash Call or Think Cash loan?


lrhall41

Submitted by cannr on Wed, 10/31/2007 - 12:40

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Prosper isn't related to them in any way. Prosper is an "ebay" type lending site where normal people can register and "bid" on lending someone money at a certain rate. You put an ad up explaining why you want the loan, how much, etc, and they run your credit and give you a score. People then bid on lending you money. It's not backed by a bank at all, as it's like 20 people lending you $50 each. It's a good place to go to if you need a loan but can't get a normal one, although there are credit restrictions and you have to get people to want to bid on you, nothing is guaranteed.

Purpose Loans is another Think Cash type loan that 1st Bank of DE does, or used to do.


lrhall41

Submitted by goudah2424 on Wed, 10/31/2007 - 13:25

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People "bid" to give you a loan? My mind is not absorbing this at all! What kind of people would "bid" to give another person a loan? I know that I have read others members getting a Prosper Loan and they didn't say anything horrible, but what??? So "regular" people like us can "bid" to give someone a loan? What is our recourse if they don't pay us back???? This is just weird.


lrhall41

Submitted by cannr on Thu, 11/01/2007 - 17:30

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Prosper is actually a really good option. People that want to invest some money register as lenders. They can then bid on lending you $50 of the amount you need, at 10% interest (as an example). It's totally legit. If you default on the loan, you are sent to a collection agency. They follow state interest rate caps.

It's really not creepy. It's actually a great thing for people that may not qualify for a real bank loan. As long as you can show you can pay it back, and have a good reason for needing it, you may be able to still get an affordable loan. The payments will come right out of your bank account by prosper, and then are dispersed to all the lenders.


lrhall41

Submitted by goudah2424 on Fri, 11/02/2007 - 06:48

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The problem I had with the Prosper program was my state cap (KY) for the interest rate was too low for my credit rating. The lenders do not want to loan to people with poor/bad credit at that low of a rate. Other than that it seemed like a good program for lenders and borrowers alike. It appears to be very legit. Lenders can also make more money than if they were to put there money in a bank drawing interest.


lrhall41

Submitted by motomom716 on Fri, 11/02/2007 - 06:58

( Posts: 141 | Credits: )


This is most definitely a good thing but just frustrating to try and get out of debt to only find high interest rate options. That is how I came upon payday loans. I would work 5 jobs if I had to before I would give into those again though. It was just so easy when things got rough but in the end they only made it worse.


lrhall41

Submitted by motomom716 on Fri, 11/02/2007 - 07:16

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I just wish there was something in between bank rates and payday loan rates for people with not so good credit.


lrhall41

Submitted by motomom716 on Fri, 11/02/2007 - 07:17

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How about a class regarding "The Dangers of PDL's".


lrhall41

Submitted by cannr on Mon, 11/05/2007 - 12:12

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I alsmost fell for it too. I do need quick cash and I live in Atlanta, GA. Does anyone know of trusted place to go to hear. Thanks for the info guys! :)


lrhall41

Submitted by on Mon, 12/03/2007 - 03:26

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