Editorial Editorial Campus Cash not a good deal for students Campus Cash, the people with the Yellow Volkswagen Beetle, will be having a grand opening this afternoon. Its arrival on campus however, is no cause for rejoicing for University students. While getting approved for a loan is easier at Campus Cash than at banks, all students must do is leave a post-dated check for the loan plus interest, the interest rate is steep. The rate, which would work out to an annual percentage rate of 469 percent, is quite a bit higher than that of Campustown banks.
Most loans are for two weeks.
Campus Cash is not a good deal for students, but students should still feel free to use the service if they think it benefits them. The interest rate seems excessive, but the loans are not designed to extend over long periods. The average student has no need to pay such an exorbitant rate for a loan. In most circumstances Campus Cash is the worst option available. There are several other places in Campustown that offer rates much lower and are normally much smarter transactions for students.