cashcall.com loan at 99.25 % wtf

Discussion in 'Et Cetera, Et Cetera' started by B_Marius567, Feb 1, 2008.

  1. B_Marius567

    B_Marius567 New Member

    Joined:
    May 30, 2004
    Messages:
    1,952
    Likes Received:
    5
    Gender:
    Male
    what kind of person will get a loan like this ? do they need drug money or something ? :confused: .

    a 99.25% APR, applies to a $2,600 loan with a payment schedule of 42 payments of $216.55. So, after you subtract the $75 loan fee, you're paying $9,095.10 to borrow $2,525.


    Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount $10,000 Loan $9,925 $75 59.46% 120 $493.22 $5,075 Loan $5,000 $75 70.08% 84 $294.50 $2,600 Loan $2,525 $75 99.25% 42 $216.55
     
  2. dong20

    Gold Member

    Joined:
    Feb 17, 2006
    Messages:
    6,130
    Likes Received:
    5
    Location:
    The grey country
    Ha, check out these guys at 123.8% and I've seen higher.! People with no or bad credit rating will be the biggest customers I'd imagine. And of course, the desperate.
     
  3. rob_just_rob

    Gold Member

    Joined:
    Jun 2, 2005
    Messages:
    6,037
    Likes Received:
    9
    Location:
    Nowhere near you
    Impressive scam, it would be illegal here.
     
  4. Pecker

    Pecker Retired Moderator
    Gold Member

    Joined:
    Mar 5, 2002
    Messages:
    83,922
    Likes Received:
    34
    Not really, rob. Payday lenders soak people for enormous fees.

    For instance: Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the check until your next payday. At that time, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks. In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan three times, the finance charge would climb to $60 to borrow $100.

    The Virginia General Assembly has blustered and pretended to care about this usury but they've done little or nothing to actually curtail it.
     
  5. rob_just_rob

    Gold Member

    Joined:
    Jun 2, 2005
    Messages:
    6,037
    Likes Received:
    9
    Location:
    Nowhere near you
    Any interest rate over 60% is illegal where I live, IIRC.
     
  6. hairyman101

    hairyman101 New Member

    Joined:
    Jul 4, 2006
    Messages:
    990
    Albums:
    3
    Likes Received:
    246
    Gender:
    Male
    i have tried for 2 days to get a 200.00 payday loan. nothing. as high as the interest they want....i must have very bad credit.
     
  7. MarkLondon

    Gold Member

    Joined:
    Jun 11, 2008
    Messages:
    1,986
    Albums:
    4
    Likes Received:
    16
    Gender:
    Male
    Location:
    London, UK
    There's a daytime TV ad running in the UK for short-term loans of up to £1,000 for up to one month. The example figures flash past fairly quickly, I think one is borrow £100 for two weeks, pay back £120, but in small print at the bottom of the screen is the APR - around 2,700%
     
  8. BigDallasDick8x6

    Gold Member

    Joined:
    Mar 22, 2006
    Messages:
    4,012
    Albums:
    3
    Likes Received:
    163
    Gender:
    Male
    Location:
    Dallas TX (North Oak Cliff)
    The very desparate are the ones who go for this. For example someone living hand to mouth whose car breaks down and they have no other way to work might think this is worth it.
     
  9. BigDallasDick8x6

    Gold Member

    Joined:
    Mar 22, 2006
    Messages:
    4,012
    Albums:
    3
    Likes Received:
    163
    Gender:
    Male
    Location:
    Dallas TX (North Oak Cliff)
    Just so everyone understands why it's such a high APR for only $15 -- it's because you only had the money for 2 weeks. There are 26 two-week periods in a year. So to get the annual cost for comparison purposes (that's what an APR is) multiply 26 x 15 and you get 390.
     
  10. BigDallasDick8x6

    Gold Member

    Joined:
    Mar 22, 2006
    Messages:
    4,012
    Albums:
    3
    Likes Received:
    163
    Gender:
    Male
    Location:
    Dallas TX (North Oak Cliff)
    Dude if that's your pic in your avatar, I got $200 I'll loan you. Wow. You just need to spend an hour for me to uh, "interview" you :wink: and make sure you're a good credit risk. When we're done, I'll bet I forget to have you sign anything before handing you the cash. :biggrin1:
     
Draft saved Draft deleted