12 Responses to “Seriously?”

  1. evabaruk November 20, 2008 at 6:41 PM #

    Um, was that an offer from the National Bank of Nigeria?

  2. Angie November 20, 2008 at 7:00 PM #

    lol no, I wouldn’t have even mentioned it if that was the case!

  3. Tera Kleinfelter November 20, 2008 at 7:04 PM #

    Yeah, we’ve seen those before. I think it was one TV and one of us thought we saw a ridiculously high interest rate. Thank God for DVR we were able to rewind and pause it to make sure our eyes hadn’t deceived us. =) That is just absolutely amazing to me that they can even do that. And yeah, someone would have to be seriously desperate or stupid to go for that. Myles, the financial guru, had a name for it, but for the life of me I can’t remember what he called it.

  4. Annmarie November 20, 2008 at 7:16 PM #

    That’s nuts. I am sending up a prayer right now that I will not be in a situation where that is my only option.

    Sad.

  5. Donna Herren November 20, 2008 at 7:27 PM #

    Usury is the term for it.

    Crazy, crazy. I fully believe there are people desperate enough for a thousand bucks that they’d do it, though.

  6. Karin November 20, 2008 at 8:06 PM #

    No wonder banks are going under. Sheesh.

  7. Jinni November 20, 2008 at 9:04 PM #

    I don’t even want to know what state that ‘bank’ is incorporated in where that would be legal — I’m just happy that I’m not that desparate.

  8. Jen November 20, 2008 at 10:01 PM #

    Scary stuff.

  9. Marty November 21, 2008 at 8:24 AM #

    Hmm isn’t that loan sharking? They used to put people in jail for that type of activity.

  10. BevQB November 21, 2008 at 11:54 AM #

    Is anyone else old enough to remember the usary laws? My how times have changed- the sky’s the limit with interest rates now. Hell, the word usary isn’t even in my Oxford or Merriam-Webster dictionaries now.

    Oh crap, what if my swiss cheese brain is remembering the wrong word? I THINK they were called usary laws!

    I wonder if all these wacked-out rates have put old-fashioned loan sharks out of business? Or maybe it’s allowed them to go legit (with names like PayDay, etc?).

  11. mikaela November 28, 2008 at 9:01 AM #

    Um.. I am not the best at math, I admit it, but if you take a loan on 1000 dollar, and then pays 87 dollar amount, it would take roughly a year to payback. Not 3 years. We have them here too, and it sounds nice, until you start to think. I hope I never have to take a loan like that.

  12. Angie November 30, 2008 at 10:18 AM #

    There’s nothing wrong with your math. That would be about right. IF you weren’t taking a loan at 96% interest. At that interest, it’s laid out right on the letter they sent, you’re committing to $87 a month payments for 36 months.

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