Saturday, June 21, 2008

99.2% APR

Just saw an ad for cashcall.com. In the fine print that was flashed across the screen I saw that ridiculous APR.

Has anyone else seen the ad? Please tell me that my eyes are deceiving me, after all I was not wearing my glasses. I am afraid to even go to the website and see for myself.

Is that APR even legal?

7 comments:

Its No Joke, I'm So Broke said...

Oh my goodness... Out of curiosity I went to the website and it is true. I checked the rates for a couple of states and some are even higher. This is ridiculous. Man oh man, I hope the day never comes when I would need a service like that. I think I would let them cut it off, repossess, and foreclose just on the principle that I am not going to pay that kind of rate.

oh.. good eye by the way never even paid attention to the small print.

Moneymonk said...

Is that the one Gray Coleman endorsing? LOL

Sistah Ant said...

just wow.

Mare said...

Holy Cow! I feel bad for the people that don't read the fine print.

Just came across your blog - good reading :)

Anonymous said...

If I am not mistaken, the APR for some places is 300%, but these are short term loans only. So the 300% APR (Annual Percentage Rate)is actually arround 30% over the short ammount of time that you have the loan in affect.

Anonymous said...

I didn't read the fine print and took out a loan and quickly applied for a loan with my credit union at a much much lower rate to pay it off. DO NOT FOOL WITH CASHCALL!!

Cash Money Brother said...

These are short term (2 to 4 week loans), the rates on them would make any loan shark envious. How they are legal at all I don't know. The military has banned these estabilishements from taking solider's pay checks. Wiki-pedia has great article on pay day loans and the orgins of the credit card.