Beware of the BlueHippo!

If you were sitting at home and heard, “Pssst! Buddy, give me all your money.” You would know you are about to get robbed. If you heard a TV offer to sell you some marginal electronics for $2100 that you could buy direct for $750 and once you buy it, there is no return, no respite or forgiveness of the debt - they will get your money! – Would you jump on that deal? Of course not. That ads from Bluehippo don’t say that all that outright. Instead, what you hear or see in their skillfully crafted advertising barrage is, “No credit? No Money? No Problem, Get a leading edge computer from Bluehippo ... We specialize in taking care of folks like you.” They sure do. But first, bend over baby!

...doesn't tell you is that the $2100 you pay Bluehippo buys you a computer & printer that you could buy directly from Gateway for $750...

Blue Hippo targets credit-impaired borrowers, hoping they also are math and shopping-impaired. Google it and you will find complaint after complaint about being ripped off by Bluehippo. Even the State of Illinois has filed a lawsuit against Bluehippo. Yet their advertising blitz continues unabated. It is little more than a form of extortion. Would television and radio carry an ad that said, "Not good with finances? Call us and we will rip you off some more"? Of course they wouldn’t, but they do every time they broadcast an ad for Bluehippo. If you visit their website you will look in vain for the terms and conditions of their “deal” until you fill out their form and establish an account. And although they claim all the information you are entering is secure, it isn’t. They also omit mentioning that pesky little tracking cookie from Bluehippo that expires in 2038, which may be the time you get your finances fixed after a deal like this one! By the time you enter all the information they ask for, such as your checking account information, social security number, employer address, etc, etc if you hunt around you will finally find “Terms” in small letters at the bottom of the web page. It is classic fine print that lays out the ugly bear trap Bluehippo has waiting.

It says:

We will sell you a high quality computer for $99 down and $39.99 a week. Our interest rate is 14.9% and computed on your average daily balance in your account. In compensation for not checking your credit you will pay us $39.99 a week for 13 weeks and a $100 up front to show you can make the payments. Oh! It is non-refundable if you decide to cancel the deal and not get that computer. After we ship you the computer, if you miss a payment your interest increases to 25%. We will then take it out of your account. Want a printed bill? Add $4 a month.

What is doesn’t tell you is that the $2100 you pay Blue Hippo buys you a computer & printer that you could buy directly from Gateway for $750. What is should say is, “Beware of the Bluehippo!”