Nadya Suleman, or Octomom, as she is more commonly known, is in the headlines again. She first became famous when she underwent in-vitro fertilization and had octuplets. The public reacted adversely when it was uncovered that she had 6 children already, was divorced, was unemployed, and was utilizing public assistance programs when she underwent in-vitro fertilization. After suffering a number of financial issues, she appeared to drop out of the public eye.
But now she’s made her way back to the spotlight by signing a deal to become a spokesperson for “Octoloan.com.” The company arranges short-term cash advances for those in financial trouble. Her image appears on the website, and she’s already filmed commercials for Octoloan.
Whether or not using the company to obtain short-term lending is a wise move, as claimed by Suleman, is questionable. An inspection of the terms on the site, reveals that the average APR for a loan through the company is a shocking 651.79%. The website claims, “[a] loan of $100.00 for 14 days could cost $25.00 in fees. The total amount to payback could be $125.00 with an APR of 651.79%.” Surely someone in financial plight, could do better than to take out loans at these kind of rates.