Think Cash review: Deceptive business practices! 85

Well I would never suggest that heroin be legal. But I see people charging people 100% to as much as 334%. And yes I do see them as being no better than drug dealers. There is a demand for drugs. There is a demand for heroin. And yes, there is a demand for loans at rates over 300%. So you think people should be allowed to charge that. I personally think 35% is way to much but if you can't loan money at that rate and survive you shouldn't be in business. If someone is that desperate and are ready to pay 300% interest, they may be in fact forced too. If you have no choice you and someone offers you a choice, you might say they are forced. They might as well have a gun to their head. There is a lot of people that think they have no choice. If these guys were out of business then those people that did go there will soon realize they did have a choice. If you can't pay your rent move. If you can't make you car payment don't go into more debt, get something cheaper. We all have choices but making it easy for others to rip people off just because they are in a tough spot. I could not do what these people do, I have to sleep at night.

A drug user has a choice too, it's called Jack Daniel's.

Basiclife.com, your comparison with the man stealing is not fair because theft is coercive. If somebody steals money from your house, you have no say in the matter. A payday loan is an contractual agreement. Nobody is forced to participate in the exchange.

Skippy64's argument was about putting families on the street that need payday loans, not families on the street that offer payday loans.

And I think that we should legalize heroin. Of course, I don't feel much pity for heroin dealers—they are bad men who make their money in bad ways. But just because something is bad doesn't mean it should be illegal. The law doesn't exist to apply my morality, or anybody else's for that matter. It exists to protect freedoms.

When you ban payday loans, you diminish people's choices. A person in need should have as many options as they want to consider. If they know that they will not be ruined by a short-term loan, who are you to take that choice away from them?

Freedom isn't freedom unless you are free to make bad choices.

I was watching the news the other day and there was this guy that robbed several homes. I guess the police should have left him alone to keep stealing from others. After all if they stop him he may not be able to feed his family.

I guess we should legalize heroin too. Teach people the importance of handling your problems with out heroin. Teach people to deal with their problems rather that trying to run from them by using heroin. After all the drug dealers need to support their family too.

To say that pay day loans are a tool is absurd. Most people that are having money problems another loan is not the solution. Had a friend that was having money problems and could not pay for food. Seems like with the cost of her satellite, cell phone, and her DSl Internet she didn't have any money left for food.

Most who are in this business would not go hungry if you shut them down. They would bounce back with another way to rip people off. They will find another way take advantage of people. Maybe opening a buy here pay here car lot or rent to own store.

babycarmen13,

I am currently working on clearing all of my debt, and rebuilding my credit. The most important thing for me to do was to except the fact that regardless of out side forces such as the economy, laid off, etc. in the end it was my fault the payments were not made. I'm going to put the following statements in bold and on it's own line to hopefully show how important it is.

WHEN I MAKE A LOAN, USE A C.C., OR ENTER INTO ANY DEBT IT IS MY RESPONSIBILITY TO MAKE SURE THAT IN CASE OF FINANCIAL DIFFICULTY I WILL STILL BE ABLE TO PAY IT OFF.

It's this simple fact that we are no longer taught that causes most people to get in over their head in debt. This one lesson I learned the hard way has many implications and means changing the way I live and spend money. If I can't make sure that I can make the payments in times of financial difficulty it means that I can not afford it and I have to learn to live with it. We need to look at how our grandparents and in some cases great grand parents used their money. They did have safety nets and in most cases the loans were not available to go into debt in order to handle financial hardships. This has really changed the way I look at and spend my money.

Many people in the USA and in other countries look at us as an extremely rich country. The fact is that most of our citizens' riches are based upon their debt and not their cash. We many "things" but we are cash poor. This will only cause you to get caught in clutches of the prison called debt. When your are in perpetual debt you making some else rich by willfully handing your money to them. This means in order to avoid this we need to hard choices and this involves questions such as, "Can we really afford to have child". I am a firm believer that we should not have children unless we have our financial house in order. Including having plenty of savings set aside for times of financial hardship. In the end we dig our financial grave, but most think with their emotions to much instead of thinking logically. When emotions are used to make financial choices we are doomed.

With that said... Some times bad choices are made and rough choices have to be carefully made to correct the situation, and payday loans can be an important tool. Is the interest rate high? You bet ya! But it should never be used just to take care of the immediate situation. It should only be used as part of a larger plan to get back on track.

To those who feel they should be forced into charging only 10% or put out of business all together. DID I JUST HEAR YOU SAY YOU WOULD PAY MY RENT THIS MONTH?!?!?!?! I didn't think so! By putting them out business you will condemn an aful lot of individuals and families out on the street, or go hungry. Can you really live with this. The fact is that there are a lot people who make to much to get govt. assistance, but are in a bad financial position and can't get a traditional loan. The answer is not to put them out business, but is to educate people how to correctly handle their money. In the mean time time they need a tool to pay rent or feed their family. All of the current education is focused on "Pay your bills on time, and live with in your budget" It doesn't address the deeper root causes of debt. Until then keep the govt. out of the way and don't take a way what is an important and many times only tool we have to use. I personally have used these types of loans as part of a larger plan to get my financial life back on track and I couldn't be happier.

This is my second loan with think cash ... yes interest is high but they even say this is a short term loan so you need to make more payments to pay this off sooner...also there is no prepayment penalty. If you didn't get the email, the you need to go online and see the payment schedule ... it's usually close to the same date each month. Does anyone know of another online lender for bad credit?

I think it is unfair to accuse all people who have bad credit as being lazy or stupid. Yes, there are people out there who knowingly and intentionally do not pay back their loans and credti cards. But what about the people that are in a situation where either they put food on the table to feed their children or pay their credit card? What about the people that have gotten laid off, have to put their house on the market, but in the current market it takes months to sell; meanwhile, their mortgage company has put them into foreclosure? Are the interst rates crazy? Sure, no one is denying that. But sometimes, there is just no other choice.

You've met some bad property managers—so should we ban rental property as well as short-term loans? Used car salesman have a reputation of being crooked—so should we ban the sale of used cars?

And Thomas Jefferson was exactly right: allowing a private bank to control the issue of currency was one of the most destructive things that we could have done—and yet it's exactly what we did with the Federal Reserve. But we're not arguing about a central bank; we're arguing about short-term lending agencies. I would not hesitate to rid our country of the Federal Reserve. I'm not sure of the relevance of your point. And I can almost guarantee you that Thomas Jefferson would never have wanted to ban short-term lending. It certainly wouldn't fit with his classically liberal political philosophy.

Theft is by definition involuntary. If I walk up to you and ask for the keys to your car, and you willingly hand them to me, and I drive off into the sunset, is it theft? No! And in the same way, the high interest rate on a short term loan cannot possibly be considered theft, unless the money was taken by means of force or fraud.

What's screwed up about my moral compass? I never once claimed that people who offer payday loans or short-term credit are good, just, or kind people. I made no moral evaluations whatsoever. I merely said that they should be legally permitted to continue what they do. The law does not exist to enforce a moral code. It exists to protect the liberties of its citizens. Jefferson understood that very intimately.

Many Property managers are about as bad as loan sharks so that does not surprise me you work with them. It requires people with little or no moral values. Funny how you think loan sharks or shy locks are the symbols of liberty or freedom.

Your moral compass is so screwed up you really need to examine where you are coming from.

Thomas Jefferson, on of our founding fathers said;"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs"

BTW-The mafia is in the lending business because most of the loans they make are to support illegal gambling debt.

Your so called philosophy is called rationalizing theft not liberty or freedom. Is that how you sleep at night?

I don't work for a loan shark, or any lending agency of any kind. But even if I did, it would not make my arguments invalid. Now let's look critically at your arguments:

You say that it used to be considered usury to charge higher than 10%. But just because something used to be the case, it doesn't follow that it should still be the case. We used to not allow people to practice religion freely—should we go back to that system as well?

Secondly, you point out that the Mafia used to make illegal loans at high interest rates. Why would anyone take out a loan from the Mafia if the banks were offering cheaper loans? The answer is because they didn't qualify for the banks' loans—because the interest rate was set artificially low. The Mafia broke into the lending business and established a black market for credit because the government tampered with the market by setting a price ceiling. It works the same with other areas of life. Black markets exist for other goods/services because the government is artificially establishing price.

Now I would like for you to explain to me how the offering of high-interest rates is in any way predatory. I believe in a free market system. Any two people or firms are free to enter into any agreement that they mutually agree upon—this is what I refer to as a philosophy of liberty. It's about maximizing each individual's choices.

Michael

Your full of crap. I would bet that you do work for those loan sharks or somebody like them.

It used to be considered usury to charge any higher than 10% interest on loans. Look it up.
The Mafia used to make illegal loans at high interest rates hence the term loan sharks.
Think Cash and the rest of the slime ball loan sharks that charge over 330% interest all deserve to be thrown in prison or publicly flogged.
They prey on poor people and they rarely pay off their loans completely.

It is just unbelievable that our crooked politicians passed a law in 1980 that exempts federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. It shows that the bankers own our Congressmen not the voters.
That is when Credit Card companies started raising their rates from 6 or 7% to around 24%.

California still has usury laws and the maximum is still 10% or 5% above the San Francisco reserve bank excluding consumer loans for personal goods.

Thankfully consumers are outraged and the usury laws are coming back. The money changers will just have to charge a lower rate and they will still make the loans, they did for over 150 years in this country.

MY EXPERIENCE WITH THINK CASH IS THAT I FAXED MY WHOLE LIFE OF INFORMATION TO THEM AND THEY THEN TOLD ME THAT I WAS QUALIFIED FOR THE LOAN BECAUSE THEY COULD NOT READ THE DOCMENTS SENT AND THE COMPANY HAS A CPOY OF MY SSN, DL, BANK-STATEMENTS AND PAYSTUBS. I DONT AGREE WITH ANY OF THIS MESS !

My mom just found out someone use her account information and got a loan through this company. So this company is not to safe if this happen. I just hope it get it self fix. She does not even have a internet services.

I want to tell anyone who is reading this to not do business with Think Cash. They prey on the misfortune of others. I took a loan out with them last year and my family had to help me pay it back because I lost my job. Now that the loan is paid back in full, they are giving us the class A runaround to send a receipt of payment in full. Also I want to warn everyone that they are quick to damage your credit report. Also their computers at Think Cash are not interlinked with each other. One Cat said I still owed which was a bunch of well you know. The other said that the payment is paid in full. I asked for a receipt. Not got one. Plus when you really need their help they put you on hold for at least an hour. Do not do business with them. Seek other avenues please everyone.

No one should be alowed to charge 334% intrest. Actually no one should be alowed to charge 27% intrest. Basiclife.com

I have to say, I hate these loans - cash advance, payday advance, installment loan - whatever you want to call them. I've been caught in the trap at one point as well and I really think they take advantage of people in hard time. Cash Call is the worst offender, but they're all bad, and all greedy.

That being said, what do you expect if you have bad credit? Why else would someone take the risk on someone who is known for not paying their bills? I mean, if someone you didn't know walked up to you and said, "Hi, I know you don't know me, but I don't pay my bills so I have a low credit rating, and I don't make enough money to pay the bills that I have now, which is why I need an emergency loan. The banks won't give me a loan, so would you give me one, at a rate comparable to the banks? I might file bankruptcy on it after I get it. I might just not pay it. But hey, you should feel bad for me because I am broke and have bad credit and just give me the money. Ok?" Does that seriously make sense to anyone?

If people don't like cash advance places, simply pay your bills on time and go to your local credit union and get a loan when you need one. Otherwise, no one is putting a gun to your head and making you sign on the dotted line for a high interest loan. It's not the loan place's fault that you have bad credit.

I hate payday loans but after doing the math maybe not so much as a do My bank of america . Some times I know my checking account is getting low, maybe its that $600 vet bill for one of my dogs or a double charge that should not of been, hoping my paycheck will clear before my bills. I play the game .Wrong move bank of america fee $35 times three 105 bucks for being just alittle short under 10 bucks .I could of took out a $250 loan and payed it back in 7 days for a little less then 20 bucks I'm guessing at .92 cents per 100 .I have never used think cash yet but think I will take out a loan just for the next time when I do just to test them out .There all pretty bad but at times people need money .I would tell everyone you need to join a credit union most of them are none profit they took a 22 percent car loan to 8 percent and paid off my credit cards at half the rate I was paying them.

To all those putting down borrowers, "U don't know how I feel unless ur in my shoes" the old adage...

How are they thieves? And why should they be investigated?

Because they are thieves and should be investigated!

I've never worked for ThinkCash, or for that matter, any lending agency. I work for a property management company. I'm a recent college graduate and I've utilized payday lending on two occasions, before my neighbors voted to cap the interest rates in Ohio at 28% nominal APR. Since I can no longer get a payday loan down the street, I decided to check out this company and I was disappointed to hear from this OP that the company doesn't follow through on its promises to give reminders. So I didn't take out a ThinkCash loan.

Then I decided to read the comments and I was pretty disgusted to find out that the people here don't seem to know what they're talking about—and I know that it's the same kind of ignorance that has put these places out of business in my state.

How about instead of making an assumption about my motives, you try to come up with a response to what I'm saying? Even if I did work for ThinkCash, that wouldn't make my argument invalid. Tell me why you think ThinkCash is a company of thieves and should be investigated by Congress.

Michael, how long have you been working for Thinkcash now?

They are theives and should be investigated by congress

And no, most creditors are NOT willing to "work" with a person who has extremely bad credit and only needs quick cash for an emergency—say, antibiotics for their kid or an auto repair. These loans are available as an option for a segment of the population that doesn't qualify for better credit. Like me.

Lady Diva, try to think things through critically. They're required by law to post their APR on the website, but an APR doesn't make sense when you're talking about a SHORT TERM loan. If you pay it back within two weeks, you end up spending about $84—totally reasonable for a $1000 loan.

Once again, the nominal Annual Percentage Rate is 219.4%, but reduce that to a two-week financing fee and you're left with around 8–9%, which seems rather generous when the default rate is around 6–7%.

It's this kind of jumping to conclusions on the part of voters that puts lending companies out of business and forces people to bounce checks or skip utility bills in order to get cash in an emergency.

This a prime exmple or preditory lending and it these type of "loans" have been outlawed in some states. With the state of the economy today most creditors are willing to work with you as long as you are paying them something on a regular basis. I have looked at the site and I would have to have a brain tumor while smoking crack to take out a loan with these people. The payback on a $1000 loan is $2775.90, hell the mob has better interest rates than that.

Mojojojo, why should such a company be subject to regulation as long as they stick with the terms of the original contract, legally? Offering credit at a high-interest rate to people who can't get credit at a low interest rate is NOT exploitation. The reason they charge so much isn't because they're greedy—or at least no more greedy than anyone else in a free market environment. Profit margins in the payday loan industry are less than 15% on average. High interest rates are due to the high risk investments that they're making—it is expensive to absorb the risks associated with lending to people with bad credit. If Congress limits the APR much below where it is now, the companies will exit the industry as it will be impossible to make a profit. My home state of Ohio recently passed a law limiting brick-and-mortar payday loan services to something like 26% APR—this means that the company can now make a little over $1 on a two-week loan of $100. Considering the default rate is usually around 6-7% (and some estimate it is closer to 15%), what kind of business would be able to survive with such price ceilings in place?

Doesn't it mean anything to read the reviews of happy customers above? You can see that there are people who are responsible with their borrowing and can make good use of short-term lending. It all boils down to letting people make decisions for themselves—yes, even broke people.

Obviously if ThinkCash.com didn't fulfill its contractual agreement (to email the customer with reminders), then that's a different story. But email is not exactly foolproof, in this world of spam filtering and SMTP errors. Even if the company was in the wrong, it was foolish of the OP to rely on email reminders for something as important as loan payments.

These companies are pathetic, despicable, and disgusting. They prey on poor people who are desperate to get money to pay bills for basic living expenses. I recently read that the Pay Day loan companies operate in an unregulated industry. Fortunately, Congress is looking to pass bills to limit the amount of interest they can charge. I am anxiously awaiting that day. Unfortunately, many more people will be exploited before the bill is passed.

I took out a $1500 loan with think cash. I made a total of $1, 000.00 in installment payments. After $1, 000.00 in installment payments, my balance was still $1, 456.00. I decided to go ahead and pay them off. When I paid them off, I had to pay $1, 845.00. Yes, they did offer a hassle free loan when I needed it, but they are loan sharks.

i applied and was approved right away without having to fax anything. they were nothing but nice to me and i will use them again if needed-i recommend them to ANYONE who has horrid credit.

Ultimately, it is the borrowers responsibility to know when to pay back the loan.

As for the lame remark about having to have an IQ of 4?

The reason for my taking about a loan of this type is last mintue travel expenses. Being able to do this online quickly and easily makes this a GREAT choice. Especially when it will be paid back in full within 2 days after interest begins accruing. Very minimal interest charges. I think you just have to know how to use them correctly.

think cash payments come due on your payday, unless you can't remember when you get paid.
They have this set up for you whenever you agreed to the loan agreement. I have used this company and found that they are very nice and willing to work with any individual if they are willing to pay the payments on time. So, just make your payments. They are due on every payday like clockwork.

I applied a 5 days ago and was told to fax documents and call etc. My information was honest and correct. Has anyone received a loan from this company without having to fax and call?

The payments correspond to you pay periods. If you are paid every two weeks, the payments come out every two weeks. It's not that hard to remember.

ThinkCash, I think, is one of the best payday loan companies out there because you have the option of paying in full at ANY TIME and their payments are never over $100 per payment due. Most other lenders of this nature expect you to pay well over $100 per payment if you hope to pay it off in a reasonable amount of time.

I have used think cash svcs, about 2 yrs, when needed.I vhave no complaints. yes interest is high, that's a price u pay...could be lower, at the same time i'm working on my credit, learned to be a more responsible debt payer..and to MR. I. Q. OF 4, unless you are debt free, u cannot talk...how many credit cards u got? are they intrerest free? tHE THING I LIKE ABOUT THINK CASH IS U'RE GIVEN A LONGER STRETCH OF TIME TO PAY OFF IN SMALLER AMTS., WHICH IS REASONABLE, YEAH, U PAY, BUT OH WELL... UNLESS YOU YOURSELF ARE DEBT FREE, U CANNOT TALK...

I've used them before with no problem. All pay-day loans have high intrest rates---but sometimes you have to do what you have to do! The key is to paydown as much and as quickly as possiable.

Iam out on long term disibility and needed a quick loan, i used think cash and they are very quick, and very professional to work with, send me a reminder every two weeks, i pay and everyones happy. They always say thank you for my business. very polite people. Even though the intrest is high. sometimes we have no choice. Tom smith.

This is what the website shows... and yet after I applied I needed all of these... You have to send in paperwork, you don't get answer in seconds, and this is a waste of time... Rethink about applying here...

Complete the easy online application.
No phone calls, no paperwork, and no faxing required. Just submit your online application for an instant decision.* It’s safe, secure and completely confidential.

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Once your application is approved, your funds are deposited the next banking day (for transactions completed by 5:00 PM Central Time).

Schedule payments online at any time with no penalty!
ThinkCash will even send a reminder email before each payment is due. You can also pay off some or all of your loan at any time with no penalty and save future finance charges!

I had a loan with them and I got every reminder email about my payments. Looking forward to getting another loan.

I have a loan with them, and yes the interest stinks, but at the same time, I am a single mother, and I needed this money to pay my bills. I tried to get other loans and it did not work. I do not agree with the comment made that you have to have an IQ of 4 to take this loan, some people do not have a choice. I did what I had to do, and I will make every last payment.

What an idiot...Just pay back the money that you borrowed by the terms that you AGREED.. My question is: Why didnt you go through your bank or another financial institution vs borrowing from an online lender. I will take a wild guess and say that your credit is probably so jacked up from not paying back other loans that this was your only option...Now you want to complain because you didnt get a reminder email? For crying out loud. Get a life and pay your bills.