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Six Month Same As Cash Offers are Loans!
Posted By Jim On 10/08/2006 @ 5:32 pm In Debt,The Home | 4 Comments
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).
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