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This weekend, along with my usual collection of junk mail, I received an offer for a personal loan (With the usual large font, bold keywords etc.)

Here is the kicker: The APR? 96%!

If my math is correct, if I borrowed just $1000 at 96% and paid back over 36 months, I would end up paying almost $3000 back!

How can these lenders get away with crap like this? How many people are digging themselves into a hole by taking offers like this for the quick gratification of a few grand in your pocket?

I was under the impression there were laws on the books against usury. Does anyone have a recommendation where I can forward a copy of this attempted robbery and try and put these bastards out of business?
 

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This weekend, along with my usual collection of junk mail, I received an offer for a personal loan (With the usual large font, bold keywords etc.)

Here is the kicker: The APR? 96%!

If my math is correct, if I borrowed just $1000 at 96% and paid back over 36 months, I would end up paying almost $3000 back!

How can these lenders get away with crap like this? How many people are digging themselves into a hole by taking offers like this for the quick gratification of a few grand in your pocket?

I was under the impression there were laws on the books against usury. Does anyone have a recommendation where I can forward a copy of this attempted robbery and try and put these bastards out of business?
In the past I've had offers of lending (I didn't take them up on it).

While not at that extortionate rate, I too that it immoral to profit at such a huge amount from people who are desperate for money.

But that's free market capitalism.

Personally, I'm getting more and more socialist regarding such things.

:)
 

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Usury is supposed, key word: supposed to be illegal. But it's constantly being used by various people out there.
 

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I'm the boogey man.......
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This weekend, along with my usual collection of junk mail, I received an offer for a personal loan (With the usual large font, bold keywords etc.)

Here is the kicker: The APR? 96%!

If my math is correct, if I borrowed just $1000 at 96% and paid back over 36 months, I would end up paying almost $3000 back!

How can these lenders get away with crap like this? How many people are digging themselves into a hole by taking offers like this for the quick gratification of a few grand in your pocket?

I was under the impression there were laws on the books against usury. Does anyone have a recommendation where I can forward a copy of this attempted robbery and try and put these bastards out of business?
Send it to your state atty general.
 

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American fearmaker
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What we need are laws mandating that anti-gun nuts tell the TRUTH about firearms. Same thing for loans and sales of different kinds. Nobody tells the whole truth which is why we end up with so many stupid situations like the financial mess we're now involved. The DEMOCRATS promise "housing for everybody all across our land" but they don't truthfully tell us what it will cost us later which is why our banks collapse and our stock market falls apart. The ANTI-GUN NUTS say guns are bad and evil then they use emotionalism to pass new worthless anti-gun laws which truthfully don't do anybody any good at all. If all the American scum HAD to be honest and truthful, our nation would be stronger and more financially sound than any other nation on the planet. It's the LIES and DECEIT that hurt us on a national level. Things like "being politically correct" is nothing more than a way to paint a lie to make it acceptable. I can't wait for the light to go on and have an end come to a time of deception that has hurt us brought to you by socialists, Democrats, liberals and all the other human garbage out there.
 

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Most usury laws apply only to banks and legitimate lending institutions. Here's a good example...... In Mississippi those Car Title Loan Places are not considered lending institutions. They are considered pawn shops. That way they can charge much higher interest rates than can a bank. Even if the bank takes title to your car as collateral.

The most egregious I have seen don't just limit themselves to interest. "Packing and Stacking" is another method. These small fly by nite companies send out fliers around back to school or Christmas promising $1,000 (for example) The interest is astronomical. But they don't stop there. When a poor sap takes the loan, the lender then tells them that they must put up something as collateral. Don't have anything? Sure you do. Gotta TV, lawnmower, firearm? Then, they tell the poor bastard that they have to have collateral insurance. Most don't know these items are likely already covered by homeowners. Well, the lender is more than happy to insure the property with "collateral protection insurance" for the amount of the loan for just, say, $200. Don't have $200? No problem. They'll just add it to the loan amount and you can pay it back as well at the astronomical interest rate. (This is the "packing"; some also add credit life and credit disability which in the vast majority of cases is a complete scam.)

Then, after six months of paying the note and not making a dent in the interest, the "short term" loan is due. Can't pay back the principal and interest in full. No problem, they'll just compound it all and give you a new loan in the amount you owe at a new astronomical interest rate. (This is the "stacking").

Don't even get me started on "Cash Advance Payday Loans".
 

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I can't wait for the light to go on and have an end come to a time of deception that has hurt us brought to you by socialists, Democrats, liberals and all the other human garbage out there.

So Democrats and liberals are "human garbage"? I hope that as our national plight worsens, enough truth comes out to establish that our situation can't be blamed on Democrats and/or liberals. Otherwise many decent(however brainwashed) people will get caught up in political hate. This problem we face, Herd Sniper, was caused by complacency. The complacency of the American citizen. We stood by and let our elected officials, Democrats and Republicans alike, commit treasonous acts and we did nothing. And we stood idly by as they enacted legislation that was NOT in our best interest. We watched with disinterest as they timidly acquiesced to an improperly appointed Presidents demand that we invade Iraq on the basis of lies and manipulation of intelligence. You can point fingers all day Herd Sniper, but that doesn't accomplish much. How about becoming part of the solution?

EQV
 

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This weekend, along with my usual collection of junk mail, I received an offer for a personal loan (With the usual large font, bold keywords etc.)

Here is the kicker: The APR? 96%!

If my math is correct, if I borrowed just $1000 at 96% and paid back over 36 months, I would end up paying almost $3000 back!

How can these lenders get away with crap like this? How many people are digging themselves into a hole by taking offers like this for the quick gratification of a few grand in your pocket?

I was under the impression there were laws on the books against usury. Does anyone have a recommendation where I can forward a copy of this attempted robbery and try and put these bastards out of business?
Actually it would be way more than that as your interest is compounded,,,, you pay a small amount on your balance first and most of your payment is interest. what you figured is simple interest. your actual total would pay $15,968.17 based on a monthly compounding of interest which is minimal. and no there no longer is a law against usury,,, Congress did away with it in the late seventies or early eighties. THIS is where the real credit crisis started... DEREGULATION. Usury rates are now set by state regulation if any. And many times as the lender is out of state they aren't always covered by your state laws
Here is a link to a compound interest calculator for you to play with
http://www.webmath.com/compinterest.html
Usury law info:
http://www.usurylaw.com/
 
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