Payday loans, title loans, and other loans of their ilk continue to plague us. Of course, they wouldn’t be there if people didn’t borrow the money. But still! Get Rich Slowly offers an interesting insight into payday loans. After blogging an ad for CashCall done by Gary Coleman, J.D. points out that this company has a 99.25% interest rate. After using a loan calculator, it was discovered that interest on a $2,600 principal is $6,743.61 after three years.

We all know that interest rates can be a killer. That’s why it is so important to do what you can to get a good interest rate and keep your credit score in order. Here is what J.D. of Get Rich Slowly points out:

I spent four hours today going over the paperwork for my new credit
card before activating it. I found several discrepancies, and called to
have them clarified. The banks do not have your best interest at heart.
You must look out for yourself. If you don’t, you may find yourself
borrowing money at 99.25% from a shady company endorsed by a C-list
television star.

And he’s right. Go over EVERYTHING before you sign. As I mentioned yesterday, I am in the process of buying a home. I have been looking at the fine print and asking questions about the mortgage loan paperwork. This is very important, as you never know what hidden fees and discrepancies will come up. And if you don’t get the answers you want, in language in you can understand, that could be a clue that it’s time to head elsewhere.