i am taking out a loan from citibank

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and the rates are extreme. But I need the money. I think the guy tried to cough when he said 28% interest.
I'm going for it, but maybe this is how people get in trouble?
I'm safe - I have a fat student loan check that could cover this loan.
Am i an idiot? or am I a financial mentalist? Please reply.

― aimurchie (aimurchie), Thursday, 13 July 2006 17:16 (twenty years ago)

Where are you? Are the no usury laws? What? I didn't say anything.. I guess I just made up a word!

― DAVE's secret to fortu-Oh look! Shiny! (dave225.3), Thursday, 13 July 2006 17:32 (twenty years ago)

Yeah, don't do that.

― Forksclovetofu (Forksclovetofu), Thursday, 13 July 2006 17:32 (twenty years ago)

28%? you're fucked.

― otto midnight (otto midnight), Thursday, 13 July 2006 17:34 (twenty years ago)

usurious is a rad word.

U surious?
Nah, I'm just funnin' with ya.

― timmy tannin (pompous), Thursday, 13 July 2006 17:38 (twenty years ago)

Hey man, I'll only charge you 27%...

(j/k!)

― Steve Shasta (Steve Shasta), Thursday, 13 July 2006 17:38 (twenty years ago)

Maybe after you get a few payments in, you can find a REPUTABLE debt consolidation service to get that rate down to 10%..?

― DAVE's secret to fortu-Oh look! Shiny! (dave225.3), Thursday, 13 July 2006 17:40 (twenty years ago)

well, they DO call it "shittybank" for a reason.

― Eisbär (llamasfur), Thursday, 13 July 2006 18:12 (twenty years ago)

If you need the $, you need the $, but that is a very high interest rate. Make sure there is no prepayment penalty, then if you come across a better deal, you can pay this one off with lower interest $.

― Jaq (Jaq), Thursday, 13 July 2006 18:12 (twenty years ago)

If you're looking for a loan, you might like to try the following site - http://www.fool.co.uk/ It's an independent comparison site for loans, mortgages, credit cards etc.

― Ben Mott (Ben Mott), Thursday, 13 July 2006 18:30 (twenty years ago)

28% is insane, I mean that's higher than credit card rates.

― zaxxon25 (zaxxon25), Thursday, 13 July 2006 18:30 (twenty years ago)

Yeah, that just screams LOAN SHARK.

― suzy (suzy), Thursday, 13 July 2006 18:33 (twenty years ago)

A lot of credit cards are running 27-29% if you are in any way late with a payment, especially if they were low-introductory rate cards to begin with. It is how people get in trouble, and there are no laws whatsoever against it in the US.

― Jaq (Jaq), Thursday, 13 July 2006 18:51 (twenty years ago)

Another horrible thing allowed, if you are late on a particular credit card, your other credit cards are allowed to triple your interest rate if their agreement contains a universal default clause. Which many do. (v. unhappy voice of experience here - a payment late by less than a day (received after 1 pm) caused 3 cards to shoot up to 25 - 29%)

― Jaq (Jaq), Thursday, 13 July 2006 19:11 (twenty years ago)

That's expensive money!

― Maria :D (Maria D.), Thursday, 13 July 2006 19:18 (twenty years ago)

Citigroup is so evil.

I know people who have taken out high interest loans from Citibank and payday lenders and it's taken them YEARS to get out from under them. The interest is so high it's nearly impossible to pay them off.

― Party Time Country Female (pullapartgirl), Thursday, 13 July 2006 19:45 (twenty years ago)

i was one of thier suckers ! just pleeese dont ever be ONE day late or you will have 'HEARTACHES BY THE DOZEN" ----PARDON THE PUN.

― karen wood (sudy), Wednesday, 26 July 2006 06:29 (twenty years ago)

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