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Old 07-17-2007, 11:50 AM #1
PaintBallerPro
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Who is desperate enough

You know that get cash now commercial with Gary Colemen in it? It ssys in the fine print they charge 98.7% interest. Who is desprate enough to pay almost 100% intrest
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Old 07-17-2007, 12:05 PM #2
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Is that even legal? I thought there were anti-usury laws.
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Old 07-17-2007, 12:56 PM #3
Th3 Twiztid Two (Banned)
 
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I think its ironic how they used gary coleman for that commercial. Just shows how big of a wash up he is that no bank will loan him money.
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Old 07-17-2007, 01:36 PM #4
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I figured out the payments, if you read the fine print it says an average loan of $2600 is paid back at $216 a month over 42 months which figures out to be $9072

****ing Rediculous

comercial link if anyone wants to see the fine print http://youtube.com/watch?v=JJMS5OrdAcg
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Old 07-17-2007, 07:29 PM #5
SoMich_Tom
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Quote:
Originally Posted by PaintBallerPro View Post
You know that get cash now commercial with Gary Colemen in it? It ssys in the fine print they charge 98.7% interest. Who is desprate enough to pay almost 100% intrest
It is only advertised that way because all lending institutions have to calculate it using the same formulas.

Most of these places charge you 18% if you repay them within your next pay period. The problem comes when you start missing payments or only making the minimum payment.

Our bank used to set up a table at these places to get new checking accounts and from the transactions I overheard and speaking with the managers this is the information I gathered. What amazes me is the people who come in there week after week and continue to lose 18% of their pay. All they have to do is avoid that place for ONE WEEK and they would be out of the hole. It's depressing, really.
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