Interest Rate 99% -?????

[Minnymouth]

YES, YOU READ IT RIGHT...............

There is an ad on the ABC/NBC/CBS stations showing where you can borrow cash on your signature. And in fine print the interest rate said - YES 99%. TALK ABOUT LOAN SHARKS ADVERTISING.....

Didn't believe it when I first seen it (thought my eyes were playing tricks on me - or needed new glasses).... soooo next time ad was on I checked again -Yep - right there in the fine print - INTEREST RATE 99%.....

Wonder how many people noticed the interest rate???? That's a debt you would never get paid back..... in your lifetime.... or mine either....

But yet someone that really needed money and had no way to get it would MAKE THAT PHONE CALL..... not realizing the interest rate was not 9% - BUT 99%....... UNBLEIVABLE...............

I'll try to catch the name of the company when it comes back on again and get it posted here on the site for people to avoid.........

Minny

[BKTango]

Cash Call, that's the one advertising with Gary Coleman doing the sales pitch. On a $2,500.00 (which is I think the min. you can borrow) it's 99.25% interest. No lie. I am amazed they can get away with that kinda interest rate, but they can. It was an un-godly amount of months you have to pay it back.

[Minnymouth]

Yep - that's the one!!! I remember Gary Coleman now...... I was so amazed about the interest rate I forget he was advertising it........

Something else, huh!!!!

[bezoar]

I wondered if anyone else had seen that. If you read quickly, I believe that the fine print says 42 monthly payments of $216 and some cents on a $2,500 loan. Comes to around $9,100.

Sign me up for some of that.......NOT!

[follie]

Yeah, one of the payday loans I took out did that too. The rate?

ANNUAL PERCENTAGE RATE 782.14 %

Yup.

[LisaM]

I saw that, too!

I was laughing at Gary Coleman saying he couldn't borrow money from his family...and through the tears I saw the interest rate! I told my husband to be on the lookout for the commercial and see if I read correctly...

Its sad that someone would actually have to borrow at that rate! I don't know how in the world I could justify paying them that much interest! I think I'm in the wrong business! Or, maybe not, I couldn't sleep at night doing that to people!

[littlephoenix]

Gary Coleman lol wasn't he broke few years back hmm

[lrprn]

Its sad that someone would actually have to borrow at that rate!

Desperate people do desperate things. Think how many of the people who do this could benefit from filing bankruptcy instead - probably every single one of them!

Lisa, I agree with you - I don't know how anyone could sleep at night knowing full well how unfair this loan really is.

You know who I'm really mad at? The TV stations who took money for this commercial and are now showing it day and night to vulnerable, desperate people - the only ones foolish enough to take this deal.

[HRx]

I believe Gary Coleman is still pretty much broke, from a "celebrity" standpoint!

[Minnymouth]

I'm in the "wrong business"................H***** I could retire at the end of the year if I started making loans like that................ lol

HMMMMMMMMMMMMMMMMMM, sounds good to me, lol......

Would I fall for it...... nawwwww, but some would......

Man talk about "easy money".................

Shame on him................

[whatamess]

I saw this a few nights ago, and did a double take. My hubby thought it was a joke, as we cant get how that could possibly be legal.
Good grief, here is a place the gov has to step in to and regulate. Some poor sucker will borrow at 99% and be bankrupt within a year.
SCUM! I tell ya, pure scum.
WAM

[CurtInKS]

It's sad that it has to be that way, but you can always pray on the desperate. I lived with payday loans for years. The amount of money I paid out, makes me sick to my stomach, but I didn't think I had any other choice.

[Minnymouth]

Well, fortunately I never went the "payday loan" route.......managed to do without instead..... But I can see where folks would be desparate enough to use it for gas, groceries, etc...... till payday.....

Such a vicious circle to get into......

[robivi3]

I did it one time, it was not bad, I think I borrowed $350.00 and paid back $400.00 in two weeks and it was done. No problems, just one of those times years ago. That was local, kids still use the same place to cash paychecks. My Credit Union (Eastern Financial) won't let us deposit theirs in mine or the wifes account. They have to be 18 to join.

[CindyLou]

A woman I worked with had used Cash Call. Then she was in worse finanical trouble and they HARRASSED her at work and sued her immediately! They are aren't messing around. I though certain states had interest rate ceilings??