Welcome To The Game Of Loans
When you play the game of loans, you win or you owe.
As fans prepare for season six of Game of Thrones to drop this Sunday, they would do well to remember that there’s another game being played here in the real world that is distressingly similar.
It involves powerful predatory lenders that try to take advantage of their customers, who are willing to do anything and everything to make a profit. And much like the game of thrones, this game can totally ruin the lives of those who are forced to play it.
Welcome to the Game of Loans. It works like this:
You find yourself in need of $500 cash, just enough to cover, say, an unexpected car repair bill. It’s late in the month and you’re running low on funds until your next payday, so you decide to take out a loan.
Unfortunately, your credit hasn’t been so great ever since you invested a lot of coin in Petyr Baelish’s “Littlefinger Lickin’ Good” chain of chicken wing establishments. This means that a loan from your local Iron Bank or credit union is out.
You have three options:
First, there’s Lannister Loans. They offer you a 14-day, $500 payday loan that comes with an interest rate of 20% and $50 loan fee… which comes out to an annual percentage rate of 780%.
If you can’t pay the Lannisters back within the original 14-day period, they’ll offer to roll the loan over. That means that you get another two weeks to pay it back, but you will also owe them an additional $150, which means spending $800 to borrow $500.
Plus, they keep bragging about how they’re family-owned and operated, even though everyone there seems really, um, into each other. It’s creepy.
Bolton Title Loans
Next, there’s Bolton Title Loans, over on Winterfell Drive. These guys are offering what appears to be a great deal: in order to secure a $2,000 cash loan, all you have to do is give them your car title to serve as collateral. Doesn’t sound so bad, right? The loan has a 30-day term and comes with 25% monthly interest.
So all you have to do is pay them back the $2,000 they loaned you plus an additional $500 within a month. If you can’t pay it all back, they’ll let you just pay off the $500 and then pay the rest back next month… at which point it will have accrued another $500 in interest – turns out that the APR on this loan works out to 300%.
Oh, and if you can’t pay back the loan, they’ll take your car. Basically, this loan is (metaphorically) flaying you alive.
Walder Frey’s Ye Olde Pawn Shoppe and Wedding Venue
And lastly there’s Walder Frey’s Ye Olde Pawn Shoppe and Wedding Venue. Ol’ Walder will offer you a small-dollar cash loan if you hand over an item of personal value. (He might also give you a loan if you marry one of his, like, 50 daughters. Don’t fall for it.)
Walder’s a bit of a stickler, so you probably won’t get a lot for whatever you bring in (Hide the Valyrian steel and dragonglass!), and it’ll likely be way less than the $500 you need. Plus he charges 10% interest per month, which adds up to an APR of 120%.
If you can’t pay back the loan, Walder gets to keep your stuff and sell it to make up his losses. He’s asking for quite a lot for what he’s giving in return. Plus, they’re cleaning up after the most recent wedding party and there are a suspicious number of dark red stains on the floor.
So which of the three do you pick? None of them are good. In fact, they’re all pretty terrible. But when you play the game of loans, you have to pick one of them—even if you end up entering into a painful cycle of debt, and that wheel keeps turning…
But just like Khaleesi, you can “break the wheel.” Here’s how:
Choose something better, something that offers a new way… like a personal installment loan from OppLoans.
The North Remembers (How to Treat People with Dignity)
OppLoans offers loans from $500 to $4,000 with rates that are generally 70-125% less than other personal loans. And our loans come with a series of easy, regular payments stretched out over 6 to 36 months that will fit even the tightest budget.
Skip the wildlings and sand snakes at other lending sites; choose OppLoans, a proven lender with a 4.9 out of 5 star rating on Google and Facebook. OppLoans doesn’t treat our customers like it’s all some big game. We treat them like family. And not some weird, screwed-up Game of Thrones family. A real family. Click below to get started today.
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