Personal loan ads: Legit or scam?

I keep seeing ads for loans—up to $5,000 over 5 years—using credit cards like Diners Club or American Express.... anyone actually tried this before?

The interest rates look pretty steep, maybe 10-12%... but let's say I really need some cash. I have a Diners Club card, but since I'm working a contract job at a government agency, I don't exactly qualify for a standard bank loan right now.

Should I go for it, or is it better to just stay away?

honestly, I'd probably skip it if I were you

If you're dealing with the FBI, much like how people used to try and play games with checks back in the day, I’d suggest looking for a different approach entirely.

I know for a fact you could pull $20k $0.00 out through American Express over a couple of years... maybe the terms are even better now.

Melissa Cruz2 said:I know you used to be able to pull $20k out via American Express once every year or two. $0.00 Maybe the rules are even better now?

But I’m sticking with my Diners Club🙄

Walter Garcia6 said:I saw some ads offering loans (up to $5,000 over 5 years) using credit cards (Diners Club, American Express).... has anyone actually tried this?

The interest rates look like 10-12%, which seems pretty high... but say I need some cash, I have a Diners Club card but wouldn't qualify for a bank loan (I work for a government agency on a contract basis).

Should I go for it, or is it better to stay away?

I'd definitely say don't do it. It’s probably the most expensive way to borrow money you can find, and you could easily end up in a massive legal mess with the credit card companies. (They often run notices in the papers about how those types of loans aren't allowed).

I guess what usually happens is there's some retail store involved—selling TVs, refrigerators, or something useful. That shop has a formal agreement with Diners Club for installment plans on their products, and they also have an under-the-table deal with the people who posted that loan ad. So, you show up and act like you're buying a TV, a fridge, a washing machine, bedroom furniture, and garage doors on credit through Diners Club. Then, the group you contacted via the ad takes that merchandise and hands you maybe half the cash you actually paid. You're left paying the full amount to Diners Club, while they just pocket the difference between what they gave you in cash and what the goods were actually sold for.

I don't know, I just can't bring myself to trust those ads. Isn't that basically just predatory loan sharks running the show?
Watch your back, or they might just decide to flatten you with a baseball bat.😁
And what, are you actually planning on gambling with money you borrowed from your family?

Drew Young10 said:I don't know, I just can't trust those ads. Aren't they all just scammers and loan sharks?
Watch your back—they might just hit you with a baseball bat.😁
And what about borrowing money from friends or family?

Not necessarily... I saw something about it on the news the other day... there are definitely scammers out there, but some of these ads are actually "legit"... some lady on TV was talking about how they operate through specific companies... everything gets notarized so there's no messing around... still, I'm a bit skeptical because, honestly, I'm always paranoid when it comes to money...

I've already used up my "credit" with friends and family... meaning, I actually owe them. Just imagine what kind of loser I am.😁

Well, you might as well just set it up like this...

If you're dealing with people like that, who would actually trust them enough to lend them money?

Unless they aren't scammers, in which case... they'll definitely pay you back eventually.

Well, damn.
I guess it’s officially spooky season—time to go out there and cause some mischief if you want to scrape together a little cash.
Maybe try hawking those religious calendars? Or, you know, don't really sell them, just pass them around and see who’s feeling generous.😁
Alternatively, grab a few teddy bears and wander through the local bars. I’m hard of hearing myself, so I might as well sell junk—everything for $8.25😬

Walter Garcia6 said:I've been seeing ads lately offering loans—up to $5,000 over a five-year term—processed directly through credit cards like Diners Club or American Express. Has anyone actually gone through this process?

If you pick up a Diners Club Plus, you can pull a cash loan from it. The interest rates are predatory, to be sure, but if you find yourself backed into a corner, it’s probably your most logical move.

goldengull3 said:Grab a Diners Club Plus—you can actually pull a cash advance from it. The interest rates? Yeah, they're brutal. But if you're backed into a corner, it’s probably your best bet.

Wait, how am I supposed to just "grab" a Diners Club Plus?!

Walter Garcia6 said:And just how does one go about "getting" a Diners Club Plus card anyway?

You simply head over to www.dinersclub.com to browse the options, give them a call, and follow the standard procedure...

That Diners Club is just too liberal if you ask me. Giving a card to a guy like him? Please.

Walter Garcia6
anarchist
Location: Hollywood

If I were running my own credit firm, there's no way he'd ever get approved 😁. It seems like they only want people who are totally devoted to the system and just love spending money, right? 👍

Benjamin Rodriguez2 said:Denny's is being way too liberal here. Giving this guy a card? Seriously?

Walter Garcia6
anarchist
Location: Hollywood

If I ran my own credit firm, he wouldn't pass the sniff test—not a chance 😁. It seems like they only want people who are totally bought into the system and obsessed with spending 👍

Whatever, man—I've already fully embraced the consumerist lifestyle myself 😁

I thought getting an American Express card was going to be a total game changer, but man, was I wrong. It totally blew up in my face. Sure, they let you pull cash advances on credit up to $8000, but there's a catch—you have to wait six months first. When I showed up all hyped up with my new card, the clerk gave me this super polite little smile before basically telling me my limits were already maxed out for the next half year. So yeah... just 😁

Heh, I went with American Express $6667 at an APR of about 18% over two years...
First, I wasted my time bothering traditional banks for those "standard" loans with 10% interest rates that aren't even purpose-specific. Once I did the math, they effectively hit 14-15%. Plus, I couldn't even get a two-year term; they forced me into three years because of some clause requiring a guarantor to have a third of their property mortgaged just in case I default. Then you have to go find a guarantor, deal with all the paperwork, and handle the notary fees out of my own pocket. I’m basically paying to screw myself and someone else just to get a loan that ends up being 15% or more. And since it's a three-year term instead of two, the total amount I hand over to the bank is even higher...
The kicker? When I finally scrape together enough cash to pay it off early—because I was hoping to settle everything in under a year to save on interest—they tell me I have to pay a 1.5% prepayment penalty. Unbelievable.
Screw that. I went to American Express. My elderly mother got the funds at 18% without needing a guarantor, and she can pay it off whenever she wants without any penalties. The best part? She has an American Express account with over $1000 monthly payments, and even though it exceeds her pension by a huge margin (about a third), she pays every single month without fail. Because she's such a reliable payer, they just looked at her and said, "No problem, you're good." She handed them an envelope with a printed Excel spreadsheet showing every single payment, interest breakdown, principal, blah blah blah, down to the last cent!
And just like that, everything runs like clockwork!
Some people actually know how to run a business. American Express rules! 8-)!
Jerry Wright6

Here’s how it works:

You walk into one of those big-box retail chains that claims to offer "premium goods." In reality, they’re just giving you credit on a card for money you supposedly "spent" at their store.
So, here’s the breakdown—let's say you take out 60 $0.00. You get 40,000, while the middleman pockets 20,000. To top it off, you’re paying interest on the full amount through your monthly installments.

Anyway, no guesswork or overthinking here... that's my answer to the first question.

Just to clarify, since my last post was a little ambiguous...
Regarding that credit card loan thing—that wasn't actually my own experience. I was just passing along a story from a woman I know who explained how she ended up taking one out.
Honestly, you really have to be in a pretty desperate situation to go down that road...👎

Does anyone know what's up with those flyers taped to telephone poles about "bank loans, no co-signers needed, bad credit okay..."?

I'm trying to figure out if this is just some total scam or if it's actually legit. It sounds a little too good to be true, but still...

Has anyone here actually tried going through them or anything like that?

Thanks!