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Thread: Holy BEEEEEEP!

  1. 06-11-2007, 12:01 PM #1
    Spark
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    Default Holy BEEEEEEP!

    I'm watching TV and Gary Coleman comes on to talk about Cashcall.com and getting a loan. I just happen to catch a glimpse of the small print at the end and it says "The APR for a typical loan of $2600 is 99.25% with 42 monthly payments of $216.55."

    WHAT? Aren't there usery laws or something against that kind of % rate? I am AMAZED at what they get by people.
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  2. 06-11-2007, 12:14 PM #2
    thrifty gal
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    Wow!! The sad part is that people actually take out those loans. ugh!
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  3. 06-11-2007, 12:28 PM #3
    cheappearls
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    Holy bejeebies!!

    That's why you ALWAYS read the fine print.
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  4. 06-11-2007, 12:42 PM #4
    Mom23boys
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    OMG! I can't understand why anyone would want to pay that type of an interest rate. That is outrageous and should be illegal!!
    ~*Michelle*~

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  5. 06-11-2007, 12:49 PM #5
    Darlene
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    I guess Gary Coleman's middle name isn't integrity.
    ~*Darlene*~
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  6. 06-11-2007, 01:07 PM #6
    cheriede
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    I listen to Dave Ramsey and he commonly refers to thos companies as scum of the earth. I do believe that he mentioned that the government has capped the % that the companies can charge. At any rate, it's unfortunate that these type of companies can get away with charging the rates and that someone out there is willing to pay those kinds of rates.
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  7. 06-11-2007, 01:11 PM #7
    McD
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    Actually, Congress did pass a law capping the interest, places like that used to charge 300%....
    McD
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  8. 06-11-2007, 01:50 PM #8
    JanieD
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    I think its sad that people get these kinds of loans. I'm not sure that many understand how interest rates work or if its mentioned... read this & sign for your loan CHECK. Of course the rate is there in black in white, but you almost have the check in your hand by now. And there will be some that don't care what the rate is, they just want the money. And others that need a loan, but can't get it from anyone else. Just SAD in my opinion.


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  9. 06-11-2007, 02:47 PM #9
    kittykatstrong
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    I don't need anything bad enough to take out that loan. If I needed the money and I did not have it saved I am sure I could find enough things to sell.

    Katy
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  10. 06-11-2007, 05:30 PM #10
    FrugalMomof3
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    I agree with Kathy, I will never be "that" desperate, gosh there should be some kind of law about such an outrageous interest rate, I know people are out to make money but goodness that's just greedy.
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  11. 06-11-2007, 06:16 PM #11
    DonnainME
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    I saw the same commercial today. I thought I had mis-read the fine print.
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  12. 06-11-2007, 07:03 PM #12
    AheeK
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    Are you serious?!?!? That's unbelievable! I can't believe companies get away with that!
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  13. 06-11-2007, 07:04 PM #13
    geckoace
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    OMG i saw that commercial my sister and i almost dropped our drinks! i had to wait for it to come on again cause i didn't believe it!! how do they get away with it?
    Reba

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  14. 06-11-2007, 07:15 PM #14
    Jayne
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    You would be better of going to a loan shark on the street!!!!...That is ridiculous!!
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  15. 06-12-2007, 06:57 AM #15
    Frugal Girl
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    Is cashcall one of those quick cash advance companies?

    Those are directed to the people who DON'T have the money to take out the advance/loan anyway. I have a friend who was advanced $200, and ended up paying $300 back.

    It's not worth it. And I agree with the previous comment that people don't understand the interest rates.

    Just think about it, if you're that desperate for cash and you've never taken a loan before, you're not concerned about the fine print (and some may not care). You're only concerned about addressing immediate needs.

    This should be a lesson to everyone. Just don't get to that point. Keep emergency monies on hand. j
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