Hardball sponsored by lender catering to the down-and-out charging 99% annual interest ping to Today show list.
BTTT
is that legal? aren’t there USARY laws????
Because he can’t attract any other advertisers for his piece of crud television show, that’s why.
That should tell you something about his audience!
Good catch.
There may be another line crossed beyond Usury. It could be simple loan sharking. A RICO lawsuit might be the order of the day, by some scum sucking lawyer who wants to make money bringing down Chrissy Wussy Matthews...
http://www.cashcall.com/General/Rates.aspx
Outside of California, they offer a $1,500 loan at an annual rate of 141.42%.
Embittered and still clinging. (Gonna need more ammo.)
42-monthly payments of $216.55 + $75.00 fee = $9170.10 payment for a $2,600 loan.
Democrats are evil for pushing such advertising on the downright stupid Democrats who watch.
I’ve never understood how people could fall for those things. It never made any sense to me. Never.
However, it sounds like a helluva business to start! :D
-PJ
The idea of these loans is that you're supposed to pay them back in a week or month, once you get your paycheck, with a fixed fee to the "payday loan" folks. They'll carry the fee/payback from week to week, charging a fee each time.
Normally, you'd take out a payday loan of $2,600, and pay the $75 origination fee ... and once you got your paycheck you'd pay off the loan, and that would be it.
The problem is for those folks who can't or don't pay back the loan.
What’s even worse is that most of these so called small lenders are actually backed by the big banks.
That company probably did its research and discovered that the wretched people who are willing to pay for its knee capping rate are lucky to get any loan, are loyal fans of Chrissie the Thrill Runs Down my Legs for Hussein Obama.
Wow, does a 99% APR approach the level of “predatory” lending or can that term only be applied to people the Demagogues don’t like?
Here’s how it works: Let’s say you live in California and are looking to borrow $2600. Cash Call’s Web site tells you what its commercial conveniently omits: that you only receive $2525, a full $75 less.
But it gets better (worse, actually). If you were to go ahead and take out a loan, you’d be paying nothing less than a 99.25% interest rate, which translate to 42 payments of $216.55 each. That amounts to $9095.10 you’re giving Cash Call – over $6500 for a $2500 loan. And the company reserves the right to change its rates, so you could actually end up paying even more.
And as outrageous as it sounds, a 99.5% interest rate is legal. Very few states have usury restrictions, so companies like Cash Call are free to charge whatever they please.
http://www.cnbc.com/id/26533968
Any APR greater thatn 18 percent should be illegal. Especially since the fed can print all the money they want. We used to have usury laws in this country.
Matthews is a lib and you really expect him to understand things like economics, cash flow and interest?
;-)