And we wonder why people are drowning...

[sailor65]

So I'm in front of the TV, and I see Gary Coleman come on for a commercial. He starts talking about this great loan maker called CashCall. As he's talking, the fine print comes up for the obligatory 38 milliseconds, and I see "99%" at the bottom of the screen.

"No way" I think, I must have seen that wrong!

So I go to their web site, click on "Rates" and proceed to spit up my mashed potatoes.

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

Now when the credit companies got the big sloppy kiss from Congress vis a vis the Bankruptcy Bill, wasn't there a promise in there to clamp down on these types?

[China_cat]

1. You did see that wrong.

It's 99.5%

[Tansy_Gold]

2. Ah, but is that a weekly, monthly, or annual rate?

I worked for three days for one of those payday loan outfits, where the sign in the lobby proudly proclaimed their annual interest rate was 452%. Four hundred fifty two percent.

Almost makes 99.5 look good. :grr:

[AlCzervik]

3. people would be better off just going with an old school loan shark.

[NYC]

4. Borrow $2,600, pay back $9,295.10

Loan amount $2,600
96%
99.25% Annual Percentage Rate
42 monthly payments of $216.55 each = $9,295.10

In 3 1/2 years, you get to pay back triple what you borrowed.

[WindRavenX]

5. the fact that this is even legal tells you all you need to know about the state of America

Fucking disgusting.

[Drum]

6. kick and rec for that perfect and succint reply!

Sadly, I couldn't agree more. :(

[sailor65]

7. It is disgusting, yeah

and I have to wonder if these actors ever even think about the product they are pitching.