I am absolutely shocked. I just saw a television commercial about a company called cashcall.com. What is absolutely horrendous is the fact that the advertise that they’ll lend money to pretty much anyone. And then you read the “fine print.”
They charge an APR of 99.25% for a $2600 loan. There is a $75 origination fee. You have to make 42 monthly payments of $216.55. Do the math. At the end of 42 months, you’ll have paid $9170.10. Why stop at 99.25%? Is this even legal? I know a lot of states have usury laws to prevent exorbitant interest rates. What the !@#$?
