Reply With QuoteSomeone watching Pinks at 10am on a Thursday morning?Originally Posted by altiain
Loan Shark.com
So I'm sitting at home today, waiting on the plumber to come and replace my water heater.I'm watching Pinks, and a commercial for cashcall.com comes up. Their tagline is "We'll loan you the money with no collateral, because we trust you!"
Anyway, the fine print rolled up and I froze it, just for kicks and giggles. I damn near fell of the couch when I read it -
That comes to a grand total of $9170.10 to borrow $2600!!!The APR for a typical $2600 loan is 99.25% with 42 monthly payments of $216.55 plus a $75 origination feeCan it really be legal to charge that much?
More importantly, who the hell would be dumb enough to borrow money at 99.25%?!?
Iain
"We don't stop playing because we grow old, we grow old because we stop playing." - George Bernard Shaw
Someone watching Pinks at 10am on a Thursday morning?
People who don't (or can't) read the fine print?
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Hey - this is not a regular occupation for me!Someone watching Pinks at 10am on a Thursday morning?
So I'm sitting at home today, waiting on the plumber to come and replace my water heater.
Iain
"We don't stop playing because we grow old, we grow old because we stop playing." - George Bernard Shaw
Heh... so I unpaused the TV, and the next commercial is some local Ford dealer telling me they'll pay off my trade even if I owe $12k more than it's worth, then an ad for credit card debt counseling services. Apparently there's a specific target audience for this time slot.
Iain
"We don't stop playing because we grow old, we grow old because we stop playing." - George Bernard Shaw
Yes... people are dumb enough.That comes to a grand total of $9170.10 to borrow $2600!!!
More importantly, who the hell would be dumb enough to borrow money at 99.25%?!?
People that buy rent to own pay 3X - 4X what the goods are worth.
BTW here are their Texas rates:
Loan Amount - Rate
$10,000 Loan - 29.26%
$5,075 Loan - 70.08%
$2,600 Loan - 99.25%
$1,500 Loan - 141.42%
I noticed they dont do business in states with usury laws on signature loans.
Its amazing to me that people will borrow money at this rate as well... but they will.
Which explains the steady pace of political ads promising something for nothing.Apparently there's a specific target audience for this time slot.
Thats not the worst...Here is the official rates
http://www.cashcall.com/General/Rates.aspx
Play with the state, I live in NC, and they charge up to 141.42% in interest.
TX looks the same, borrow 1k, pay back 1912 + 500 in loan fees.
Geez, do they at least use a little lube with that?
I think they use 80 grit sand paper.
05 MX-5 Mazdaspeed #1024 Titanium Gray Mica
I think I need to start a loan company or bone company.
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