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  1. 471405's Avatar
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    I saw this on Craigslist. Has anyone else tried Phone Loan? They say you will have cash for a new phone by the next day or same day.
    Last edited by 471405; 08/01/2010 at 05:23 PM. Reason: wrong link
  2. #2  
    No idea... but its already been pulled from Craigslist so I imagine its a scam.
  3. 471405's Avatar
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    I posted the wrong link.

    I've been thinking about this all weekend but I want to know if anyone else has heard of them. They don't offer prepaid phones, just small cash advance loans to buy a new phone. I'm sure you could spend the money on anything once you have it.

    I wouldn't mind borrowing enough to buy a new Droid X, then paying it back over a few weeks. I don't have enough extra cash right now to buy one out-right.
  4. #4  
    Small loans, especially those payday loans, typically have absolutely ridiculous interest rates and whatnot. If your phone is working correctly right now... and you have no true immediate need, wouldn't it make more sense to save the amount of money you need for that Droid X over the next couple of weeks, and not pay exorbitant fees on top of the cost you are willing to pay for the phone itself?
  5. #5  
    Did you read their terms and conditions? This is just a middleman that will shop your loan application to several lenders. They do not guarantee that you will get a loan or how much you will be loaned.
    Last edited by bevcraw; 08/02/2010 at 08:59 PM.
  6. kalex's Avatar
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    if you don't have the money to buy new phone, loan is not going to help you. otherwise your iphone 4 will end up costing you couple of grand
  7. #7  
    Agree w/ Kalex. Sounds as affordable as those "payday" loans. New phones are cool, but this sounds TGTBT. Terms look like they check your credit rating, so if you cant get a phone from the carrier (via their contract) it seems like you wouldn't be able to get one here; read the terms, looks like they reserve the right to sell your personal info and Text you ads (nifty revenue stream?)
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