Interest Rates

[mjarrels]

Saw an add on TV yesterday for one of those "money lenders" and saw on the fine print 99.25% interest! WHO in the world would borrow money at 99.25% interest?

mark

 

[tallyho8]

Saw an add on TV yesterday for one of those "money lenders" and saw on the fine print 99.25% interest! WHO in the world would borrow money at 99.25% interest?

mark

A drug addict!

 

[Sigarms]

Saw an add on TV yesterday for one of those "money lenders" and saw on the fine print 99.25% interest! WHO in the world would borrow money at 99.25% interest?

People who are not very smart, or those who have no intentions of repaying.

 

[cp1969]

People who are not very smart, or those who have no intentions of repaying.

And people who didn't do so well in math class.

I would think you could borrow money from the Mob cheaper than that.

 

[BillyP]

I'd think more in the lines of a misread. Isn't that interest rate more than allowable by law?

 

[jdbower]

I'd think more in the lines of a misread. Isn't that interest rate more than allowable by law?

While I'm hoping it was really a misplaced decimal point, usury laws are surprisingly complex and full of loopholes. My guess is that this was borrowing against the next paycheck and charging something that turns out to the equivalent of 99%APR through fees and penalties if not paid back in time. Since it's a special form of loan there may be a local loophole that allows them to charge whatever they want, like the difference between scalping and the TicketMaster "service charge."

 

[tallyho8]

Since it's a special form of loan there may be a local loophole that allows them to charge whatever they want, like the difference between scalping and the TicketMaster "service charge."

Don't even get me started on what I think about Ticketmaster charges. Just brought my grandson to the Barnum and Bailey circus. Tickets were cheap enough at special early bird prices of $11 each for fair seats. Ticketmaster charged $3 each conveniece charges, $2 each facility charges, $5 delivery charges and $2.80 order processing charges. It amazes me that Ticketmaster makes more money selling tickets to a circus than the circus makes putting on the big show. My grandson enjoyed his first circus even though the main animal acts were just household cats and dogs but I had to gasp again at the $10 cotton candy.

 

[dgl24087]

I'd think more in the lines of a misread. Isn't that interest rate more than allowable by law?

I've seen the same ad, it flashes on the screen very quickly, and it does say 99.25% APR. It is First Bank of Delaware at Unsecured Loans at CashCall: Quick Money, Fast Cash Loans Online. Wonder what loophole they're exploiting to allow these rates.

 

[dmccarty]

I thought prices where high when I had to pay $20 to see the Who in 82. The tickets where $16 but I had to pay a whole $4 extra to the scalper.

A guy at work, who is in a band, just went to Vegas to see the Police. If I followed the story right, he paid $100 per ticket. But to be able to buy the ticket he had to join some club for another $100-200 including service charges. To really continue the shafting the Police stunk according to him. He was able to catch all of their mistakes on stage.

It boggles my mind that people would pay this kind of money for a concert.

Later,
Dan

 

[tallyho8]

It amazes me how many people are very foolish with their money and will spend everything they have, or can get, on something they want, regardless of cost. We have heard many stories of people who get their IRS refund checks for several thousand dollars and head to a "gentlemen's club" on Bourbon St and exit broke a few hours later after spending all their money on "legal" activities.