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Cash Advance Loans Only a Temporary Fix for Debt Relief

In weak economic times such as we have now, there always emerges new companies that are created simply to take advantage of people that are desperate to begin with. When the average person finds himself falling further behind in debt, many times they look to the quick fix to get them by until the next paycheck. With so many people trying to stay afloat and with the growing Internet, a whole new industry has emerged - the Internet Cash Advance lender.

One such company I have seen a lot of lately is CashCall.com. This company runs hundreds of television commercials all over the country tempting people with an offer that just can't be refused. A quick, easy access to up to $2,600 cash without having to go in and face any loan officer in person. So easy, in fact, the money will just show up in your bank account.

You have probably seen their commercials which feature actor Gary Coleman as their spokesperson. What you probably don't see, as many of their customers wouldn't who are in a financial mess, is the fine print on exactly what that easy loan is going to cost you. I took a closer look at their commercial and I investigated their website and I found 4 critical items that are kept under the radar that the average borrower doesn't realize until it's too late.

Here they are:

1.) When you first take out that $2,600 loan, there is a $75 fee deducted right off the bat, so you only receive $2,525.00
2.) The stated interest rate on these loans is a whopping 99.25%!
3.) If you calculate their advertised repayment terms ($216.55 for 42 months), you are paying back $9,095.10 for that $2,600 loan. That's a $6,500 profit on every loan they make.
4.) If you think these terms are outrageous, CashCall.com reserves the right to change the terms at any time, so you could actually pay more than this.

Now, as ridiculous as these terms are, there are literally thousands of people out there that are desparate enough to take these loans. I recently had a potential client come in that was paying over $2,400 per month just to keep her payday loans from going into default. And, in most states, there is nothing illegal about these kind of terms.

Over the last 14 years, Castle Law Office has helped over 20,000 families get the bankruptcy releif they need and get rid of their debts. I love to see people come in with debt like this that were taken advantage of because I know I can wipe out that debt and give them a fresh start through a chapter 7 or chapter 13 discharge.

Even if you believe bankruptcy is not right for you, there is simply no good things that will come out of taking out cash advance loans. Although it might appear to be a temporary fix while you get things under control, don't let your emotions get the best of you and put yourself in a worse position.

You have many more options than you might think. Request a copy of my free book "7 Critical Mistakes to Avoid the Dismissal of your Bankruptcy Case" or call us for free at 1-866-570-8484.

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