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Anybody ever got one of those loan check things in the mail?

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Anybody ever got one of those loan check things in the mail?

Old 12-30-05, 11:55 PM
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Anybody ever got one of those loan check things in the mail?

^Anybody ever ge tone of these? Basically its a real check, that upon cashing/depositing it, you are basically applying for a loan (through a local company) to be payed back over 5 years. But you get the money instantly. I thought it was a con, but looks real to me. The APR isn't half bad, and better than my credit card. I was pondering depositing it and paying off my credit card. by the way the loan is for $8000 Woot!

Anybody have any experience with these? Pro's?? Con's??

Feedback is appreciated.
Old 12-30-05, 11:58 PM
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What company is it? I think that will pretty much answer the question for you.
Old 12-31-05, 12:11 AM
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(HFC) HSBC Bank Of Ill. Never heard of them before
Old 12-31-05, 12:23 AM
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Well, then you might want to do a bit of research before you deposit that. I don't trust places that I haven't heard of.
Old 12-31-05, 12:26 AM
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See if you can get a better offer from your local bank. They should be able to match anything that a random mailing can offer you. I wouldn't trust that thing with a 10 foot pole. Or something.

[pegs a ten foot pole with a cracker]
Old 12-31-05, 12:31 AM
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Hmmm interesting, well whats the worse that could happen? Could my credit get all eff'd up? Will Frankie, Johnny and Moose come "collect" if I don't pay?

This looks like them

http://www.us.hsbc.com/1/2/3/personal/inside/about
Old 12-31-05, 12:42 AM
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Originally Posted by animalmystic
Hmmm interesting, well whats the worse that could happen?
You could end up paying more than you realize at first glance.

Oh, and anthrax. Don't forget about anthrax.
Old 12-31-05, 12:46 AM
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I got one of those through Capital One. Bought a house with it. The advantage was that I had heard of Capital One, however.
Old 12-31-05, 12:59 AM
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You have never heard of HSBC? No fucking way. I trust HSBC before I trust MBNA, Capital One, Chase.
Old 12-31-05, 01:16 AM
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Yes, HSBC is a major bank
Old 12-31-05, 01:17 AM
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Originally Posted by zuffy
You have never heard of HSBC? No fucking way. I trust HSBC before I trust MBNA, Capital One, Chase.
^Real talk, or are you being facetious? I can't tell....


Oh, and anthrax. Don't forget about anthrax.


Will they come to my house and kick my ass?
Old 12-31-05, 01:21 AM
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He's being sincere.
Old 12-31-05, 01:29 AM
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Good one, Bushdog.
Old 12-31-05, 01:33 AM
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They're like a 150 year old international bank, they're solid, guys.
Old 12-31-05, 01:37 AM
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Originally Posted by Bushdog
They're like a 150 year old international bank, they're solid, guys.

Cool I am off to the bank tomorrow!
Old 12-31-05, 01:39 AM
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Have you not seen?

http://www.hsbc.com/

It isn't hype.
Old 12-31-05, 01:56 AM
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I've heard of HSBC, but I didn't know they were based out of Chicago. I'd still be leery of those types of checks. There are usually stipulations that may cause you end up paying more than you originally thought.
Old 12-31-05, 01:57 AM
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Originally Posted by Deftones
I've heard of HSBC, but I didn't know they were based out of Chicago. I'd still be leery of those types of checks. There are usually stipulations that may cause you end up paying more than you originally thought.
I don't disagree with that. Read the fine print.
Old 12-31-05, 01:59 AM
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Originally Posted by Bushdog
I don't disagree with that. Read the fine print.
What type of things should I be looking for?
Old 12-31-05, 02:01 AM
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Things like pre-payment penalties, or language that indicates that you pay off the interest first (which is a pre-payment penalty in a roundabout sort of way).
Old 12-31-05, 02:02 AM
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Well, first of all, I'd check to make sure that the APR is the same throughout the enitre loan. That's the most important part. Second, make sure if (on the off chance) that you had to make a late payment, the APR doesn't go from little to a lot in no time flat. Third, make sure there's not a maximum time frame to have to pay it off.
Old 12-31-05, 02:05 AM
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Originally Posted by animalmystic
What type of things should I be looking for?
Little letters.
Old 12-31-05, 03:04 AM
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Nice thanks for the knowledge all, much appreciated.

Going through fine print now...
Old 12-31-05, 08:28 AM
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HSBC is one of the best banks ever. I worked above the headquarters in downtown Los Angeles. Wow....they blow away any american bank, really.
Old 12-31-05, 07:12 PM
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Originally Posted by Deftones
Well, then you might want to do a bit of research before you deposit that. I don't trust places that I haven't heard of.
Household Finance is huge, and HSBC is an international company.

He shouldn't deposit the check - it's still a stupid move.

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