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Legalized loansharking?

April 11, 2008

It seems that CashCall has found a way to legalize loansharking. Well at least that ‘s what it looks like to me. I mean if you look at the fine print on their tv spot, it reads and I quote: ” The APR for a typical loan of $2600 is 99.25% with 42 monthly payments of 216.55 with a $75.00 origination fee. ” That;s the first line of the fine print. That’s crazy. Here is a pic of the paused screen.

Pic of paused screen

Take a look at their rates page for a look at the breakdown of the loan amounts and rates. It does go down athe more you borrow, but the lowest is still in the high 20’s. How are these rates legal?

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