Debt, The Home 

Six Month Same As Cash Offers are Loans!

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Most home renovation companies will always offer some sort of financing offer as an enticement because most home renovations are pricy. In my case, Castle Windows offered Six Months Same As Cash and originally I thought that meant they’d just wait six months to collect payment (foolish huh?). What actually happens, and I suspect this is an industry practice, is that they actually send you a credit application and submit it to a number of banks to see who will accept it.

Who cares right? Well, I have about $14,000 in 0% balance transfer debt (a serious ding against that credit score) and I’ve recently applied for a lot of credit cards in conjunction with that debt, so my credit isn’t exactly stellar right now. Luckily, that didn’t hold me back and I was able to secure a loan with GE Money Bank at a wonderful 20.99% interest rate!

The main take away from this is more that one should fully understand the situation before signing on the dotted line. I mistakenly thought that “six day same as cash” didn’t involve a loan (wrong).

{ 4 comments, please add your thoughts now! }

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4 Responses to “Six Month Same As Cash Offers are Loans!”

  1. prlinkbiz says:

    This kind of offer is what real estate investors are looking for, people who rehab or flip in particular. They are trying to get in and out of a house in less than 6 months (the ones I know doing it are turning them MUCH faster), but it gives them time to get the rehab done, house listed/sold and then pay off the card/loan at that time with the profit from the flip.

  2. jim says:

    Yeah, some places offer one year same as cash too, that’s even better!

  3. CK says:

    Maybe I’m lazy and don’t want the hassle but I avoid the XX days/months/years same as cash like the plague. I rather not have to worry about remembering my dining room table or lawn mower payment. I can’t imagine what a moron I would feel like if my credit got messed up because I missed a dishwasher payment.

  4. Joseph Goetz says:

    I recently had a new roof put on my house by a very reputable firm in my locale. The deal was wriiten on my contract as “6 months same as cash” financing after a 30% down payment.

    The firm completed the job in proper time and vey good quality workmanship. (I am pleased.) However i received a bill that says I must make “6 equal monthly payments.” This is not the same as six months same as cash. Is it?

    Confused and need help.

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