Seems odd this is legal and this blantant..

Have any of you guys seen the ads for CashCall? Something like "yes, we are a bit expensive, but we are here" or something.

Just for the fun of it some of us at worked looked up their website thinking the rates would be hidden, but they are right there:

http://www.cashcall.com/General/Rates.aspx

If the link does't work for some reason:
$5000 Loan - 116% APR :eek: $487/mo for 84 months!!!!:eek:
$2600 Loan - 139% APR :eek: $299/mo for 36 months!!!!:eek:

Quick calc for $5K loan - $40,000 for final payoff!!!:eek:



Oh, one more thing - they say "Please be aware that not all applicants will qualify for every loan product or the lowest interest rate for a particular loan product. "

So, others might have to pay more! 116-139% is just for the qualified applicants!:eek:

And people get mad at Wells Fargo, Bank of America, et al!

JJacksET4

 

It is a payday loan company. They tend to charge maximul legal interets rates. Naturally, people resort to this kind of credit after they expended their bank account overdraft and their credit card... or if they are ineligible for either because they couldn't pay bills on time for quite a while.

In Sweden, a few companies like this would charge 2,000% - 5,000% annualised on a 2-day loan. Their typical customer finds him- or her- self without enough money to pay the bill in a restaurant or on a scating rink. So, they are prepared to pay through the throat in order to avoid the embarrassment of discussing the unpaid bill with the police.

 

but i would think they are taking the highest of highest of highest of risk on the planet so most of the time i would assume the never get paid back?? i guess..

 

Payday Loans do not have high enough risk to justtfy this kind of rates. After all, they know you have a paycheck.

This sort of loans was what got many young military enlistees in such huge debt that the US Navy could not find enough sailors who could get the Security Clearance needed to work on submarines due to their debt. Very sad for America.

 

You know what? THEN DON'T TAKE THE LOAN.

 

+1

 

Loan Sharking is an awesome business!

Tony's our licensed doctor and he will adjust your legs if you don't pay.

 

Go talk to the young enlistees. Some of them may not have much sense. lol

 

Isnt that the commerical with the Indians....(sorry, Native Americans)?

 

Funny, but I don't quite see what the issue is. I thought we in the West like free, unregulated mkts in all their manifestations?