CashCall.com

[meegbear]

There is a commercial for the site CashCall.com with Gary Coleman, saying they'll lend you money regardless of your situation. They show this long blurb on the screen about the loan and rates and I thought it said that for a $2600 loan, the interest rate was 96 percent!

I went to their website and looked up the rates. They have a dropdown so you can select the state, but every state I randomly selected had that rate. 96% and 99.25% annual!

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

I hope I never get that desperate for money that I would go for that; but unfortunately, I'm sure people already have.

[A HERETIC I AM]

1. Legal Loansharking

Companies like that and "Payday Advance" type places are simply that; Legalized Loansharks

[zehnkatzen]

2. So I guess Gary Coleman isn't satisfied with just being an entertainment laughingstock...

He also wants his career to be an industry footnote as well...not to mention being The Actor Who Won't Say No To Anything Shabby.

[fasttense]

3. Seems the inevitable result of unregulated capitalism is

that organized crime finds legal ways to swindle people. Criminals and con-men move up the ladder and become CEOs and Senators.

[salin]

4. Didn't Oregon pass legislation recently that severly limited

the amount of interest that could be charged on such loans? These usurous companies need to be shut down.

[meegbear]

5. Oregon is in the dropdown list ...

my state, Massachusetts isn't as well as a few others.

[zehnkatzen]

6. Yes–severely limited, but not eliminated, alas. n/t

[VP505]

7. I wonder

if this bunch of legal muggers existed before the bankruptcy bill passed or if some enterprising a-hole snapped to what an opportunity for legal robbery and indentured servitude this could be. This outfit and their 99.24% interest rate ought to be a perfect example for why the bankruptcy bill needs to re written.