Ready for a dose of interesting and strangely curious news from the financial front? Octomom Nadya Suleman, who has been a controversial fixture in the media since giving birth to 8 children that she could not afford, is now the face of a payday loan company.
The name? OctoLoan, of course. She made headlines when she carried eight fetuses via in vitro fertilization to term, only to admit she had no way of supporting them or her other children. She’s taken drastic measures to make a quick buck, including becoming a stripper over the years. Now, though, she’s hoping you and every other American consumer will trust her to help with your financial outlook via her expensive payday loans, even if she is on public assistance.
Some are saying her “public” struggles endear her to many consumers who are struggling right along with her. Still others are saying it’s just too strange to even consider in any kind of serious mindset. OctoLoan has every faith in their new “face”. In a presser released earlier this week, it said,
If anyone knows financial hardship Nadya does. This is why she has decided to endorse our service OctoLoan which connects you directly to a lender when you need money quickly.
But doesn’t the fact that Nadya Suleman has no concept of financial responsibility negate any possible benefits for the company that’s brought her on board? And for that matter, since she does know the struggles and limited options low income Americans face, why would she put fuel on the fire and encourage another less than ideal choice? With interest rates as high as 500% – and the average APR for this particular company ringing in at a whopping 650% -, there’s no denying a cash advance on a credit card would be preferred over these payday loan products.
Here’s the kicker, though. After exploring the site, one can’t help but notice the enormous amount of legal jargon. Deep in that jargon, there’s a disclaimer that OctoLoan isn’t a loan company, but rather, it’s a site that submits a consumer’s information to countless payday check companies. It reiterates it’s simply providing visitors with information while providing it
to an independent network of companies including lenders who will pre qualify you for a loan.
Perhaps the most interesting aspect is the fact that OctoLoan is not a loan company. To be sure – it’s little more than a glorified marketing company.
Before any consumer considers this company, there are more than a few things they should know. First, there is no information – at least when we did our initial due diligence – that provided a phone number or a physical address. It offers a PO box. Worse, no one’s talking, including Suleman. Neither the company nor Suleman will respond to any requests for comments.
So why would Suleman associate herself with such a questionable company? After all, you’d think she would be extremely cautious considering the compromising positions she’s found herself in over the years. Surely she knows enough these days to recognize a deal that doesn’t serve any true purpose for her or her little ones. Still, her face is plastered all over the site. It’s hardly doing a service for her family or the desperate Americans who might actually choose this financial product over a less expensive option.
- FTC Warns of Prepaid Card Scams – May 23, 2013