AHHAHAHAHAH: Tennessee Couple Gets $5,000 Loan, 59% Interest Rate

[Special K]

Originally posted by: Rubycon

Originally posted by: Crusty
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Uh, that's a paragraph symbol, not pi.

 

[rsd]

Originally posted by: LikeLinus
It's really sad how some of you people think and treat others. Some people just get a raw deal in life and do not have the means or ability to do certain things that we take for granted. But it's really pathetic to see how some of you react. It?s obvious your parents didn?t raise you right and you live in some fantasy world that you?re better than most people. The sad thing is, these people and many more like them are probably far nicer and genuine people than you?ll ever be.

 

[ViviTheMage]

wow that really sucks!

 

[frostedflakes]

Originally posted by: LikeLinus
It's really sad how some of you people think and treat others. Some people just get a raw deal in life and do not have the means or ability to do certain things that we take for granted. But it's really pathetic to see how some of you react. It?s obvious your parents didn?t raise you right and you live in some fantasy world that you?re better than most people. The sad thing is, these people and many more like them are probably far nicer and genuine people than you?ll ever be.

Lighten up buddy.

 

[thepd7]

Originally posted by: waggy

Originally posted by: Ns1

Originally posted by: SirStev0
Just in case anyone was wondering what would happen if we threw regulations completely out the window, like some politicians want to do.

Or people could learn to read.

while i think they should learn i don't think that would stop it. they would write over complicated contracts to do the same thing.

this.

Originally posted by: Corporate Thug

Originally posted by: Ns1

Originally posted by: TechBoyJK

Originally posted by: waggy

Originally posted by: Ns1

Originally posted by: SirStev0
Just in case anyone was wondering what would happen if we threw regulations completely out the window, like some politicians want to do.

Or people could learn to read.

while i think they should learn i don't think that would stop it. they would write over complicated contracts to do the same thing.

Then people shouldn't sign those contracts.

this

Or there should be a concerted effort to stop/minimize predatory lending. As I said, there is enough blame to go around but the lender should not be absolved of responsibility because the borrower(s) is/are stupid.

Exactly, this is the same thing that got us into this mess. That company is going to think they actually are earning that money then when they never get it they will ask for bail-out money.

Do you tell old ladies that get conned to stop being stupid? No, you find and put the con in jail. This is no different.

 

[SonnyDaze]

59%? Wowzers!! I can't imagine what the interest rate will be if they miss a payment or two. :Q

 

[actuarial]

The worst part here is that they lent more than applied for specifically to fall under the no capped interest rates. Now, the people should have immediately sent back the extra money, but considering these people are already shady, they easily could have:

1)Counted that as a payment, as opposed to reducing the loan below 5,000
2)Charged all interest in advance

 

[Billyzeke]

Originally posted by: Special K

Originally posted by: LtPage1

Originally posted by: G Wizard
I ain't got no high schoolin but I done been blessed with a remembery like one of them packyderms.

mmmmhmmm

Best post in this thread. 😀

Say it using the voice of Cletus from the Simpsons.

Nope - try Carl from Sling Blade.

Maybe they should just sharpen up a couple of lawn mower blades and pay those lenders a visit.

 

[Aharami]

Originally posted by: LikeLinus
It's really sad how some of you people think and treat others. Some people just get a raw deal in life and do not have the means or ability to do certain things that we take for granted. But it's really pathetic to see how some of you react. It?s obvious your parents didn?t raise you right and you live in some fantasy world that you?re better than most people. The sad thing is, these people and many more like them are probably far nicer and genuine people than you?ll ever be.

well said. dont find this situation funny at all. if this case isnt the definition of predatory lending, I don't know what is