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

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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.
Click to expand...

Or people could learn to read.
 
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.
Click to expand...

Or people could learn to read.
Click to expand...

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.
 
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.
Click to expand...

Or people could learn to read.
Click to expand...

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.
Click to expand...

Then people shouldn't sign those contracts.
 
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.
Click to expand...

Or people could learn to read.
Click to expand...

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.
Click to expand...

Then people shouldn't sign those contracts.
Click to expand...

this
 
http://www.knoxnews.com/news/2009/apr/20/badly-bitten/

"We needed to come up with more money to make more room, add to the house," says Kay Brown, who in October 2006 wanted to take out a loan of $2,000 to enlarge the small home she lives in with her husband, Lewis Brown, adult son, Daniel Collins, and their 15-month-old grandson, Isaiah, in East Knoxville.

Rather than going to a bank, Brown thought it would be easier to get a loan through CashCall, a company she saw on television. "My husband didn't mind to get it, but he didn't want to run all over everywhere. It was a convenience thing," she says.

Brown called CashCall in October 2006 and asked them to send her an application. However, the salesperson said she would need to apply through the Internet. Neither Brown nor Collins knew how to use a computer.

"I don't know how to operate one, because I can't read or spell," says Brown.

The salesperson at CashCall said Brown could ask a friend to help. So she called her nephew, Johnny Lane of Grainger County.

Brown says the company talked her and Lane through what she thought was just an application process. However, Lane entered Lewis Brown's Social Security and bank account numbers on CashCall's Web site. Then, he unknowingly clicked the buttons to "sign" the loan electronically.
Click to expand...

Rose says CashCall used First Bank & Trust of Milbank, S.D., as a "straw man lender," because South Dakota has no limits on interest rates on amounts of more than $5,000. While CashCall did all the marketing for the loan, First Bank & Trust actually issued it under South Dakota law and then transferred it three days later to CashCall.
Click to expand...
 
Great.........this is just like the millions of people that got home loans they couldn't afford and said they didn't read the contracts. I hope they get nailed with this cus stu[idity shouldn't get you out of contracts but in this day and age, it seems like it does.
 
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.
Click to expand...

Or people could learn to read.
Click to expand...

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.
Click to expand...

Then people shouldn't sign those contracts.
Click to expand...

i agree. i don't sign anything if i don't understand it or my lawyer explains everything to me.

BUT far to many will. You will have someone who thinks that they are smart enough to read it and refuse to ask.
 
LOL wow. Who is dumb enough to take a loan for only 5 grand anyway? lol.

I'm guessing my 4.9% mortgage rate (once I buy a house) is rather good then. 😛 Just went to the bank today for a preapproval.
 
Originally posted by: RedSquirrel
LOL wow. Who is dumb enough to take a loan for only 5 grand anyway? lol.

I'm guessing my 4.9% mortgage rate (once I buy a house) is rather good then. 😛 Just went to the bank today for a preapproval.
Click to expand...

They only wanted a loan for $2k, the bank gave them $5k so they could legally crank the rate up by using a bank based in SD.
 
Originally posted by: Crusty
Click to expand...


3.1415926535 8979323846 2643383279 5028841971 6939937510 5820974944 5923078164 0628620899 8628034825 3421170679 8214808651 3282306647 0938446095 5058223172 5359408128 4811174502 8410270193 8521105559 6446229489 5493038196 4428810975 6659334461 2847564823 3786783165 2712019091 4564856692 3460348610 4543266482 1339360726 0249141273 7245870066 0631558817 4881520920 9628292540 9171536436 7892590360 0113305305 4882046652 1384146951 9415116094 3305727036 5759591953 0921861173 8193261179 3105118548 0744623799 6274956735 1885752724 8912279381 8301194912 9833673362 4406566430 8602139494 6395224737 1907021798 6094370277 0539217176 2931767523 8467481846 7669405132 0005681271 4526356082 7785771342 7577896091 7363717872 1468440901 2249534301 4654958537 1050792279 6892589235 4201995611 2129021960 8640344181 5981362977 4771309960 5187072113 4999999837 2978049951 0597317328 1609631859 5024459455 3469083026 4252230825 3344685035 2619311881 7101000313 7838752886 5875332083 8142061717 7669147303 5982534904 2875546873 1159562863 8823537875 9375195778 1857780532 1712268066 1300192787 6611195909 2164201989...
 
Originally posted by: Rubycon
Originally posted by: Crusty
Click to expand...


3.1415926535 8979323846 2643383279 5028841971 6939937510 5820974944 5923078164 0628620899 8628034825 3421170679 8214808651 3282306647 0938446095 5058223172 5359408128 4811174502 8410270193 8521105559 6446229489 5493038196 4428810975 6659334461 2847564823 3786783165 2712019091 4564856692 3460348610 4543266482 1339360726 0249141273 7245870066 0631558817 4881520920 9628292540 9171536436 7892590360 0113305305 4882046652 1384146951 9415116094 3305727036 5759591953 0921861173 8193261179 3105118548 0744623799 6274956735 1885752724 8912279381 8301194912 9833673362 4406566430 8602139494 6395224737 1907021798 6094370277 0539217176 2931767523 8467481846 7669405132 0005681271 4526356082 7785771342 7577896091 7363717872 1468440901 2249534301 4654958537 1050792279 6892589235 4201995611 2129021960 8640344181 5981362977 4771309960 5187072113 4999999837 2978049951 0597317328 1609631859 5024459455 3469083026 4252230825 3344685035 2619311881 7101000313 7838752886 5875332083 8142061717 7669147303 5982534904 2875546873 1159562863 8823537875 9375195778 1857780532 1712268066 1300192787 6611195909 2164201989...
Click to expand...

i think someone crashed rubycon
 
Originally posted by: dennilfloss
Don't you Yanks have laws against usury?😕
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Naw, the snakes in human skin did away with all that stuff when they took over with their central bank back in 1913.
 
Originally posted by: PlasmaBomb
Originally posted by: RedSquirrel
LOL wow. Who is dumb enough to take a loan for only 5 grand anyway? lol.

I'm guessing my 4.9% mortgage rate (once I buy a house) is rather good then. 😛 Just went to the bank today for a preapproval.
Click to expand...

They only wanted a loan for $2k, the bank gave them $5k so they could legally crank the rate up by using a bank based in SD.
Click to expand...

Guess times are THAT hard lol.
 
Originally posted by: SlitheryDee
I'm trying to balance how messed up it is that a company would take advantage of these people with my lack of sympathy for adults who can't read and still expect to engage in adult business activities without getting screwed.
Click to expand...

there is certainly enough fault to go around to all parties involved.
 
Originally posted by: ElFenix
Originally posted by: Rubycon
Originally posted by: Crusty
Click to expand...


3.1415926535 8979323846 2643383279 5028841971 6939937510 5820974944 5923078164 0628620899 8628034825 3421170679 8214808651 3282306647 0938446095 5058223172 5359408128 4811174502 8410270193 8521105559 6446229489 5493038196 4428810975 6659334461 2847564823 3786783165 2712019091 4564856692 3460348610 4543266482 1339360726 0249141273 7245870066 0631558817 4881520920 9628292540 9171536436 7892590360 0113305305 4882046652 1384146951 9415116094 3305727036 5759591953 0921861173 8193261179 3105118548 0744623799 6274956735 1885752724 8912279381 8301194912 9833673362 4406566430 8602139494 6395224737 1907021798 6094370277 0539217176 2931767523 8467481846 7669405132 0005681271 4526356082 7785771342 7577896091 7363717872 1468440901 2249534301 4654958537 1050792279 6892589235 4201995611 2129021960 8640344181 5981362977 4771309960 5187072113 4999999837 2978049951 0597317328 1609631859 5024459455 3469083026 4252230825 3344685035 2619311881 7101000313 7838752886 5875332083 8142061717 7669147303 5982534904 2875546873 1159562863 8823537875 9375195778 1857780532 1712268066 1300192787 6611195909 2164201989...
Click to expand...

i think someone crashed rubycon
Click to expand...

:laugh:
 
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.
Click to expand...

Or people could learn to read.
Click to expand...

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.
Click to expand...

Then people shouldn't sign those contracts.
Click to expand...

this
Click to expand...

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.
 
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.
 
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