Tuesday, June 24, 2008


I'm on vacation! Summer vacation! For a little while, at least. Which means that I'm reading more (more on that soon), and yes watching television, particularly at odd hours. Which means that I'm watching commercials for the first time in a while, and those aimed at people watching television late at night.

Well, on comes a commercial from Cash Call, a company that offers "a quick and convenient application process so you can get the money you need, when you need it, even if you don't have perfect credit." The company offers loans via the First Bank of Delaware in most states. Now, First Bank of Delaware does not disclose loan rates on its website, but the expected rate for a personal loan in Delaware is in the 12-14% range. Now look at this parasitic "sister" company. The amounts were disgusting.

Say I needed $2,525 quick, and was willing to pay it back over 42 months. In most cases, CashCall will charge me a minimal annual interest rate of 99.25%, compared to the The company will lend me $2,525 today...and collect over $9,000 in the next four years. For a 12-month $1,000 loan, there is an additional $500 "fee".

And the foremost defender of the banks that practice these shady approaches...the senator who is the best friend of these legal scams, giving credit card companies a free ride? Joe Biden. Shame on you.

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