Holy crap, how do these people sleep at night? Cashcall.com

[Wcross]

I am laying around the house today and a commercial comes on for "Cashcall.com" which offers "unsecured loans" for "easy cash". Being the inquisitive type I decide to log into their website to see what kind of rates they are offering. I do not need any money, just curious.

http://www.cashcall.com/


Here are First Bank & Trust's current rates. Please be aware that not all applicants will qualify for every loan product or the lowest interest rate for a particular loan product. Some applicants will not qualify for any of the products. The lowest rates and higher loan products are reserved for customers with excellent credit. First Bank & Trust reserves the right to change the rates and loan products listed below without notice.

What state do you live in?


Loan Product Interest Rate Annual Percentage Rate Number of Payments Payment Amount
$5,075 Loan 59% 59.95% 84 $254.03
$2,600 Loan 96% 99.25% 42 $216.55
$1,075 Loan 89% 96.78% 42 $83.89

----------------------------------------------------------------------------------

For a 2600 dollar loan the payback would be OVER 9000.00! I wouldn't be able to live with myself if I exploited poor people like this. Surely they are going to end up in hell.

[drm604]

1. Aren't there laws about excessive interest rates?

:shrug:

[annabanana]

4. I know there used to be...

The banks probably wrote them out a few years ago.. you know, attached to the criminal "bankruptcy bill".

[azurnoir]

11. It's part of

GOP crime reduction; it used to be a crime to charge those kind of interest -now it isn't. Voila' less crime.

[CrispyQ]

12. less crime . . .

I'd be :rofl: if what you said wasn't so damned :cry:

I hate the GOP.

[mirandapriestly]

25. LOL!.....eom

[MockSwede]

26. NA Banks

Certain states rewrote their laws about usury and interest rate ceilings for banks, etc, to attract new commercial and bank businesses. North Dakota and Delaware come to mind first. So, NATIONAL banks (but not banks incorporated only as STATE banks - you have to check to confirm) incorporated in those states have NO interest rate limits and most of your credit card companies offering such are also incorporated in those states. NOTE the "NA" bank determination, like MBNA (now sucked up by "Bank of Amerika"). Check out the 'late payment' and 'adverse credit' interest rates your 9% credit card CAN and WILL charge you, if they screw up or your screw up.

NEVER CARRY A CREDIT CARD BALANCE! repeat, NEVER! It's debtor prison for YOU, otherwise.

[progressoid]

18. Yep but then the Reagan years brought us deregulation,

and it just gone down hill from then.

[azurnoir]

2. No they'll go to

"compassionate conservative" heaven!:sarcasm:

[Toots]

3. Jesus threw the Usurious money changers out into the streets.

They then formed Fundamentalist churches...

[sam sarrha]

5. tv ad's for paycheck loans on Xmas day

[sam sarrha]

6. the heartless filthy repugNut's changed all the laws..

[Dr.Phool]

7. There used to be usury laws

Now it's legal loansharking.

Back during the hyperinflation '70s, many states "temporarily" removed interest caps. It's still temporary, I guess.

[madrchsod]

8. they are hiring in vegas!

http://jobsearch.cashcall.careers.monster.com/getjob.asp?JobID=50328646&AVSDM=2006%2D11%2D14+19%3A15%3A02&Logo=0&col=dlt&sort=rv&vw=b&lid=541&fn=10
US-NV-Las Vegas-Loan Sales Agent - LAS VEGAS

[Wcross]

17. I wonder if "ability to break bones" is a job requirement? n/t

[Deja Q]

9. They sleep with ease. Reality is sadly straightforward:

It's about money. And the only way to get it is to take it from somebody else. The second-best sci-fi character ever said this quote: "Wealth is the only reality. And the only way to obtain wealth is to take it away from somebody else."

[necso]

14. Your link doesn't seem to work, HypnoToad,

try this.

[babylonsister]

10. And do you know who companies like these target? Soldiers.

Drive near a military base sometime and count the number of loansharks ready and willing to lend.

[sellitman]

13. Voted # 4 & Recommended.

Bastards!

[Joanne98]

15. It's called loansharking. It should be illegal. K&R!

[area51]

16. "How do these people sleep at night?"

Quite simply, they sleep easily (like Bush), because they're republinazis, and therefore have no morals and no conscience.

[Quantess]

19. Oregon has tons of Payday Loan places everywhere!

People should know better than to use places like those, yet amazingly, I see people go in. They're taking advantge of foolish people.

[lakeguy]

33. if you need $500 for your kids tooth filling or

whatever and you don't have friends who can help you out, what are you going to do? people who need to use those types of places generally can't just throw it on a card and pay it off later.

good, responsible people get into these situations all the time. all it takes it one illness in the family, or a divorce, or a pink slip. that's 90% of bankruptcies right there. people should know better, right?

we should have a better safety net and right now, these payday places are acting as part of that net. it's a sad comment on our economy when the richest country in the world has all these "payday loan" places around.

[Quantess]

34. I just meant the people are foolish for paying such exorbitant interest.

I didn't mean to pass judgment on people who use payday loans.
However, there is no situation I can imagine where I would personally go to a Payday Loan place. If you're strapped for cash already, the Payday Loan will drag you further under the current. I'd live in my car before going to of those loan sharks.

[Turbineguy]

20. These businesses really started to prolifirate in the 1990's

in our area (Seattle).

To me it's a bizarre economic activity. No wealth is created. You don't go to one of these places to finance a business venture. You go there because your child had an unexpected visit to the Doctor and you don't have health insurance.

The sheer number of these places is of concern. To me it's a symptom of a sick economy.

[Quantess]

23. Washington has a lot, too!

My eyes could be playing tricks on me, but I seem to see more of them in Oregon.

[necso]

31. It's a symptom of a very sick economy:

one where many working-people have no-other-option to obtain a relatively-small amount of money than to turn to usurers.

[Miss Chybil]

21. This is usury. I don't think they'd get away with this in AZ.

Somebody should turn them in.

[MockSwede]

32. In AZ TOO

Yes, they do. At least the credit card companies. See "NA Banks" above for explanation.

[Tansy_Gold]

36. "419% A.P.R." in Arizona

That's right, almost 10% per week, at a perfectly legal "quick cash" shop at something like 35th Ave & Glendale. I worked there for three days as a temp a couple of years ago and told my agency I would NEVER go back there again under any circumstances. There was a big sign in the lobby with the interest rates posted and I was speechless when I saw it.

They figure you'll be so scared by those interest rates you'll pay up and if not, you'll pay and pay and pay and pay.

The 419% was on a title loan, where you turn over the title to your car for some minuscule portion of its true value and then you cough up that amount plus 10% within a week. . . . or refinance for another week. . . and another. . . and another. . . And if you're living in that car and it gets repo'ed. . . . .


Tansy Gold

[Wiley50]

22. Thanks To DU I'm Free From A Really Nasty One

I had to Borrow $400 for some emergency Dental Work
from one of those "Paycheck Advance" places you see everywhere now.
You Write them a check until your next payday.

1017.35% APR Yes that's not a typo

As I'm receiving a $603 Social Security check 1st of each month
that's my payday. And each Payday I had to pay it off including interest
as this was too big a chunk of my income each month
As soon as I paid it I would have to borrow it again.
Month after Month

I got the Best Xmas Present Ever

Thank You DU

[msongs]

24. if you don't like the rates, don't borrow the money?? oh, that's too responsible. nt

[karlrschneider]

29. Unfortunately there are people with no alternatives, really.

I occasionally see someone at the grocery trying to pay for food with a maxed-out credit card.
One lady the other day tried 3 of them...all declined.

[wryter2000]

30. Tell that to your sick kid

When you don't have the money to pay the doctor.

[Quantess]

35. Do you agree with the saying

Never give a sucker an even break ?

People who are against capping the interest rates on these places seem to be blaming the borrowers for not shopping wisely. So, the borrowers aren't shopping wisely, but that doesn't mean it's acceptable for the lenders to have such exorbitant interest.

[wryter2000]

27. Ye gods

This is something we could fix now that we control the Congress.

[leftofthedial]

28. I don't know how you define "hell"

but these predators will end up at Joe Biden's cocktail parties in DC

[badgerpup]

37. Borrowed money from one of those easy loan services once...

Original amount was $75...of which I only received about $71.
Handling fees, you know. Outrageous interest. Just out of curiousity, asked the receptions what the yearly interest rate was.
She changed the subject FAST...and no wonder, since it came out to...are you ready for this, gang?

285 % Yep, you read that right. Two hundred and eighty-five per cent interest.
:wow:


Pawned (not pwned, pawned) some stuff and paid off the $120 dollars I owed on the not quite $75 the next month.
Warned everyone I knew who was considering borrowing money from them too.

Here's the funny part. About 6 months later, I received a REFUND CHECK from this company for about $40. Seems they'd been taken to court about their ruinous interest rates...and had to cough up quite a few reimbursements.
Next time I went down that street, the place where the business had been was vacant.

[NobleCynic]

38. This is hardly the worst of it

Payday loans and car title loans are the worst hands down. Here in Nevada I have personally seen APRs of over 2000%. I kid you not. I worked as an intern in the state legislature trying to kill these loans off under the Democratic Speaker Pro Tempore of the House, so I did a lot of research on the subject. We passed legislation that killed off the worst of the business here in Nevada in 2004, but were unable to kill it off completely. (Which made for an uncomfortable situation with one of my best friends, whose father runs a chain of payday loan stores in Nevada. It's a small state.) We're going to try and kill it off again this session, but I'm cautiously optimistic at best.