Avoid Mystery Meat Lenders

Posted by on Jun 17, 2006 in Tips

Avoid Mystery Meat Lenders

Public schools sometimes serve a ground ‘meat’ patty covered in gravy for lunch. It looks like meat but it is often difficult to identify the primary ingredient.

It is known as ‘mystery meat‘ and, with enough gravy, it doesn’t taste that bad.

In the consumer loan industry, there are ‘mystery meat’ payday lenders. Unlike the school lunch, however, mystery meat lenders should be avoided at all costs…

What is a mystery meat lender?

A mystery meat payday loan is an online cash advance company that offers:

  • no specific fee per $100 borrowed
  • no specific timeframe
  • no specific first loan limit
  • no company name, physical address or phone number

Some common gravy used to cover up mystery meat:

How much does this cost?

Our rates are the lowest in the industry! The fee for your loan will be much lower than NSF charges* for bouncing a check or losing your job!

* This is usually a lie. In many cases, the APR for a bounced check is lower than the APR for a payday loan – especially if you are not dealing with an actual lender.

While the above tells me that a payday loan is cheaper than losing my job (thank you for pointing out the painfully obvious), it tells me nothing I need to know to make a purchase decision.

When will I get my money?

Our lenders are the fastest in the business. Depending on the lender you are matched with, you could have cash in your hands soon!

Mmmm. More gravy. Sure it sounds good but it tells me nothing about what is really inside this cash advance mystery meat.

In other words, mystery meat lenders hide the information borrowers need to:

  • compare lenders
  • make a purchase decision

These sites offer to reveal this precious information AFTER you have applied (after you have supplied a lot of personal information to a site that won’t even tell you their name). What they do with this information is anyone’s guess (selling it could earn them a few dollars).

If their rates turn out to be too high, you have just wasted precious time during a pressing financial emergency. And, the rates probably will be too high because:

  • actual lenders will provide all relevent information
  • ‘mystery meat‘ lenders are affiliate or publisher middlemen
  • middlemen will take their cut

So you pay more to middlemen who only make your purchase decision more difficult and stressful by not giving you the information you need to make a decision!

Other reasons to avoid mystery meat lenders include unwanted commercial messages – increased spam / UBE (unsolicited bulk e-mail) and commercial/sales phone calls to your home phone number. Some mystery meat lender sites are simply harvesters for e-mail addresses, phone numbers and other personal information.

Borrower beware!

Photo Credit: Mystery Meat by Father Jack

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