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Shocking: Local bank gets federal bailout and actually uses the money to make loans
By adamg on Thu, 01/29/2009 - 11:15am
Boston Daily finds a bank that isn't using the money for Persian rugs, executive bonuses or just tying pretty ribbons around and then tossing into a vault. Huzzah for Central Bank of Somerville!
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Comments
who would want to borrow at those rates?
10.75% for a used car loan?
That's almost DOUBLE what my credit union is offering...before the discounts they offer on APR for direct transfers, having a CC with them, and buying a vehicle that gets good gas mileage.
http://www.bankrate.com/aff/rate/auto_ratehome.asp...
Hey, looky there. 7.25% from a non-CU lender, 7% if you do direct deposit. No wonder they're "having to run advertisements in the globe".
Banks are currently operating on the "be really picky and have astronomical interest rates", and making a killing; the fed is giving them money for free, and they're still nailing us up the ass. People aren't stupid! Nevermind that consumer spending finally drops after years of analyst complaints about personal debt/spending levels...