Posted on 08/14/2012 3:05:09 AM PDT by GeorgiaDawg32
It runs several times a day and I finally paid attention to the "fine print".
Interest rate on a 10k loan is 89.66%, payments $743.99 for 84 months.
Now, I'm not against a private business lending money at an interest rate, but doesn't 89.66% seem a little high?
Got a prison record ... we don’t care.
Don’t have a job ... we don’t care.
Dont expect to pay us ... THAT’S when we care
Just ran the numbers in Excel - pmt(0.29925/12,84,-10000) = pmt of $285.43. pmt(0.8966/12,84,-10000) = pmt of $748.93. To get to a monthly payment of $10508, you have to have a rate of 1,260%. A flat 100% rate on $10,000 gets you a payment of $834.34 over 7 years.
They do one with a guy too and I imagine the ladies would not mind watching him. I always enjoy watching the babe. She has what James Taylor might have called a “pretty little pout” in her delivery. She’s definitely the right choice for that commercial.
Shark money has its place. The payday loan is not that place. I used shark money to help finance acquisition and rehab of a rental property. I now have decent equity and a good cash flow. (Real estate shark money is much cheaper than Cheyenne River Sioux money. My “APR” turned out to be about 21 percent.)
Wow...I couldn’t believe my eyes when I saw that Commercial.
Thank you for the validation that I am NOT seeing things that aren’t there! :-)
BTW, my tribe does not engage in that sort of thing. However, we have been criticized by Dr. Savage for hunting whales.
It’s funded by an Indian consortium run off an Indian Reservation.
US laws need not apply.
It’s 150 years past the Indian wars. Do we really need to maintain Indian reservations and still have the Bureau of Indian Affairs?
Usury.
I see. Thank you. It’s a bit shocking, actually, isn’t it.
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