So, I meant to post this a while ago when I first got it.  I opened this in the mail in November - an offer from Brookwood Loans.  The premise is that we all could use some fast cash, right?  With all the loans dried up from banks going under and holding onto their ass…ets.

I think to myself - why are people contacting me to get a loan?  Do I really look like I’m that deep in need?  Am I not paying attention?  Do these people check my credit report first (therefore causing a mark on it as being recently reviewed) and then send this to me?

Still, perhaps I was missing something.  Perhaps it would be a good idea to pay off a debt with a loan if the deal was right.  So I looked for the APR.

Holy. Crap.

I thought to myself - that can’t be 96%.  That’s gotta be 9.6% - a missing decimal (in which case, bully!  I’m gettin’ a loan!)  96% is beyond possible for an APR.  I searched the whole piece, and they only mentioned the APR one more time - 96%.

 I did some quick math on their example payback structure, and sure enough…96%.

And then read that text: Higher rates may apply…

Seriously, higher than 96%? Manageable Payments?

Something has GOT to give.  These people are scam-artists, with no regulation, preying on the fears of average people.  I was appalled at having received this, and certainly thankful that there was no reason I would even consider such a thing.

I know that might not be the case for others.