From what I’ve found reading terms on some of these it’s fees baked into them that are pretty dang steep compared to interest if you pay them off immediately. Many then balloon once you get past some arbitrary point between 30-90 days. Might take a look at this to get an idea. I’ve seen these guys recently at a mattress store and googled a cost estimator to see how they worked.
I never considered this. That makes them seem more reasonable TBH, though of course they screw you over more if you pay late or pile them up.
Do these loans report to the credit bureaus?
The loaner must be getting something out of the exchange. If it’s not interest, then it’s collateral.
From what I’ve found reading terms on some of these it’s fees baked into them that are pretty dang steep compared to interest if you pay them off immediately. Many then balloon once you get past some arbitrary point between 30-90 days. Might take a look at this to get an idea. I’ve seen these guys recently at a mattress store and googled a cost estimator to see how they worked.