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So I'm sitting at home watching some TV this afternoon and an ad comes on for CallCash.com. They offer cash loans for people - no collateral required. There's a blurb at the end to "make sure you can afford the payments before borrowing any money." And then there is the fine print:
The APR for a typical loan of $2,600 is 99.25% with 42 monthly payments of $216.55 with a $75.00 origination fee. |
Originally Posted by sbm12
(Post 9949063)
A 99% interest rate!??!? Ouch.
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Originally Posted by sbm12
(Post 9949063)
I know that there are folks out there who take advantage of a situation when it is presented, but this is ridiculous. A 99% interest rate!??!? Ouch.
As I'm not in summer school at the moment, I don't have my Student Westlaw access to play around with. Did find this link, though. Can't say that consumer credit/lending transactions are an area of law that I'm particularly familiar with. There may be some loophole that allows them to legally charge 99% interest. Even if it's legal, it's still crazy. |
Sounds usurious to me.
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Originally Posted by CO 1E
(Post 9949148)
Sounds usurious to me.
Trust me, I am not a lawyer. :p |
My view of this thread is generally dim, but...
I just ran a search to see how many posts in this thread contain the word "merger." The result? A paltry 34, not counting this one (or one half of one percent of the total posts in this thread). We may be more civilized than I had suspected. :D |
Originally Posted by Anglo Large Clawed Otter
(Post 9949094)
Don't know what jurisdiction this is in, but I would imagine that a 99% interest rate might run afoul of usury laws in many jurisdictions.
As I'm not in summer school at the moment, I don't have my Student Westlaw access to play around with. Did find this link, though. Can't say that consumer credit/lending transactions are an area of law that I'm particularly familiar with. There may be some loophole that allows them to legally charge 99% interest. Even if it's legal, it's still crazy. |
What about flatulence?
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Originally Posted by CO 1E
(Post 9949395)
One probably could borrow money from some sort of loan shark at a better interest rate.
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Originally Posted by Lurker1999
(Post 9949396)
What about flatulence?
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Originally Posted by Anglo Large Clawed Otter
(Post 9949405)
I don't know if I would be comfortable with the "penalties" imposed for default.
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I just looked at the numbers on this thread... I'm really falling behind.
Gotta think of interesting things to talk about. |
Originally Posted by Anglo Large Clawed Otter
(Post 9949416)
Only seven times. :(
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Originally Posted by Hartmann
(Post 9949461)
Gotta think of interesting things to talk about.
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Originally Posted by sdm1130
(Post 9949475)
Uh oh - I didn't know interesting was a requirement for posting in The Box. I don't think a (large!) majority of what I post in here is interesting! :D
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