Mallory's $6,000 Story

Today's blog and $6,000 story is brought to us by Young & Free Maine's Spokester, Mallory. Check out her blog and awesome tips here. Mallory is an amazing Spokester who posts some great blogs full of inspiration and financial advice. I have had the pleasure of going through this 2 year Young & Free journey with Mallory and I've been extremely grateful for her support and positive attitude. Ok, enough of that, now let's read Mallory's $6,000 story...


Doesn't mean you should go about doing business with them. My boyfriend got $6,000 dollars sent to him in the mail. It came in an envelope, with a nice little card with his name on it. Right near a big and bold six grand.

No, it wasn't actually money he could use. It was an "Express Loan Card," and he clearly had to do something to get it. It was eye-catching. But were we gonna be the suckers to fall for a scam? I don't think so.

I was curious. And I wanted to find out more about this company, and why they were sending "six thousand dollars" in the mail. I asked my boyfriend if I could keep the card to do some research. And then...


I was ready for the gimmicks of some deceiving, enticing fraudster. But, the guy on the phone sounded normal. I wasn't going to let down my guard so soon. So, I went full-on with my brutal, CSI-inspired questions. This is how our conversation went...

How soon can I get approved? Today. How can I apply? Online, or right now on the phone. When can I get my cash? 1 - 2 business days. How much money can I take out? Up to $15,000. Do you need my credit score? Yes, we'll base your approval on your credit score, but not just that, also your income and job.

Woah. You know when things seem too easy? Usually, that's not a good thing.

I discovered this with my next question:  What are the interest rates like? They start around 16 percent, but can go up to 30 percent!

First of all, if those interest rates aren't red flag material, then take a look at the whole process. Did you notice how willingly he wanted to lend me money? The lender didn't want to know much about me, who I was, or why I needed money. RED. FLAGS. And usually, when things are that easy, it's not the best thing for you, or your money...

In fact, it may even be considered predatory lending.


I took out a $15,000 loan.

Just kidding!

I did research. I compared interest rates for personal loans from other lenders. Specifically, credit unions.

Instead of starting at 16 percent, rates start at 6.24 percent. That might not sound like much of a difference, but it is!

Take a look...

On a $1,000 loan, with a 16% interest rate, you'd pay $160 in interest.

On a $1,000 loan, with a 6.24% interest rate, you'd pay $62.40 in interest.

I know you probably don't fall for "too good to be true" schemes. They're out there, and sometimes, they seem attractive. Especially if you're strapped for cash, and need it quick. Just remember, there are always options...And you don't have to go with something if you're gut doesn't agree.


Have you ever received offers that were off-putting? Did your gut ever tell you to steer clear? What was it like to walk away, or make a decision? How did you know it wasn't right?

Please do share! 

Your stories, ideas and thoughts can be just what someone needs to make the right financial choice.

Take care!


Thanks for sharing your story and giving us some advice when it comes to lending Mallory!  I think the lesson we should take away from this story is that, we have got to do our research and make well informed financial decisions before we sign the dotted line. Sometimes things are too good to be true. 

Remember Young & Free Michigan the Michigan First Credit Union scholarship opportunity is not a gimmick or a scam, you could really win up to $10,000, so enter today!

Keeping it Fresh, Young & Free,