a couple of years ago they started running those CashCall ads on television. i always found them really scary. all they said was "need cash? make the CashCall." it didn't discuss the specifics of the loans; it didn't discuss any of the terms. all it said was to call them and get cash.
thanks to increased scrutiny on the usury industry, payday loans and other nontraditional lending institutions are having to disclose more information in advertisements, and warn people of the obvious fact that they have to pay the loans back in a timely fashion. this is necessary...these places advertise on daytime television, billboards, and bus shelters, preying on people who are short on cash and desperate enough to fall for the quick fix they are selling, not realizing how expensive such a "solution" will be in the end.
now, the CashCall ads have a disclaimer telling people to make sure they can pay the monthly payments before taking out a loan. that's not the part i found remarkable. at the end of the new ad, it says in the fine print that the average APR on one of these CashCall loans is 99.25%.
at least they are disclosing that fact now. but, such a high interest rate should not be relegated to the fine print. almost 100% APR? if there weren't already so much proof that a lot of these companies are in business to steal from whoever will fall for it, this is surely it. it's disgusting.