cashcall.com loan at 99.25 % wtf

[B_Marius567]

what kind of person will get a loan like this ? do they need drug money or something ? .

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

 

[dong20]

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.

 

[rob_just_rob]

Impressive scam, it would be illegal here.

 

[Pecker]

Impressive scam, it would be illegal here.

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.

 

[rob_just_rob]

Any interest rate over 60% is illegal where I live, IIRC.

 

[hairyman101]

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.

 

[MarkLondon]

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%

 

[BigDallasDick8x6]

what kind of person will get a loan like this ? do they need drug money or something ? .

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

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.

 

[BigDallasDick8x6]

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.

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.

 

[BigDallasDick8x6]

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.

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: