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China_cat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 01:51 PM
Original message
Has anyone tried to read the fine print on the
Cash Call ads? I just did and almost dropped my teeth. It says the APR is 99.5%

Loan sharks have gone legitimate.
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AllegroRondo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 01:52 PM
Response to Original message
1. is that all?
Edited on Thu Aug-09-07 01:53 PM by AllegroRondo
some of the local Title Loan and Check Cashing places charge over 300%. They also get around the maximum rate laws by requiring you to buy a coffee cup (or some worthless crap) for $20 to qualify for their loan.
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Left Is Write Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 03:16 PM
Response to Reply #1
6. Wait a minute - you have to buy a cup of coffee to get a loan?
How does that work?
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AllegroRondo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 03:21 PM
Response to Reply #6
7. its their way around the usury laws
they will only give you a loan if you qualify, and you can only qualify if you buy their $20 coffee cup.
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LeftyFingerPop Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 01:54 PM
Response to Original message
2. Damn...
don't they have usury laws anymore?
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China_cat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 02:38 PM
Response to Reply #2
3. Reagan did away with them.
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WindRavenX Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 02:39 PM
Response to Original message
4. This should be illegal, period.
NT
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Left Is Write Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 03:16 PM
Response to Original message
5. Are those the ads with Gary Coleman?
I'm shocked this is actually legal. I think ALL loan-shark operations ought to be illegal.
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China_cat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-09-07 03:35 PM
Response to Reply #5
8. Those are the ones.
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