Usury
February 8th, 2008 | by Craig |I just saw an ad on TV for a company (no link — you’ve probably seen the ads, too) for a company offering no-collateral loans. The quick fine print at the end has the APR, which is 99.25%.
This, to me, is illustrative of an education gap. Really, anyone who has any kind of education at all should know that an interest rate that high is unconscionable.
But, we’re too busy teaching diversity, I guess.
3 Responses to “Usury”
By Erica on Feb 8, 2008 | Reply
An interest rate higher than 25.0% is nucking futz. Uh, dude…99.25% is the interest rate on freaking Pluto!
By Mark T on Feb 9, 2008 | Reply
I say let the smart exploit the stupid. Who are we to interfere?
By Rocky Smith on Feb 11, 2008 | Reply
I saw that one as well. I thought there were legal limits to interest rates and laws against usury. Any lawyers around who can clarify?
People use credit irresponsibly lately. They buy crap they don’t need and live in a house they can’t afford. The rest of us are to bail them out, I suppose.