CashCall.com. Cash Call, First Bank Of Delaware, First Bank & Trust, Milbank, Paul Reddam Wanted to charge me 99.25% annual interest for a loan! Yes, 99.25%!!! THE MAFIA IS CHEAPER! Fountain Valley,California

Assuming the Mafia knows about compounding, a 1.5% vig on a weekly basis would actually be a 117% APR. Plus they can break your legs rather than make nasty phone calls.

Cashcall loans are only useful for people who have very bad credit (but a job and a checking account) and have run out of alternatives. For anyone else, it would be a "rip-off", because they could find a much better rate. The only exception might be if one used a credit card cash advance (3% fee) AND had a APR on the card above 20% AND paid if off in less than 3 weeks. (numbers aside, I'd still do the Credit card).

you ask: "How can CashCall offer an annual percentage rate higher than the mafia and not face jail time???"
Many usury limits were raised in order to allow people to not have to resort to kneecap breaking loan sharks.
National Banks can effectively export their usury laws for loans funded by them to states without strong usury laws. For most states, cashcall's loans are funded by a bank located in South Dakota or Delaware, where usury limits are high.
If you want to find a state (like NY & MA) that has strict laws agains high rates, just look where cashcall does NOT make loans.

By the way, payday loans can have APRs that are above 400%, yet do not violate state usury laws. These types of loans are usually highly regulated by states. For a short-term emergency, a small payday loan that isn't renewed can be better than either cashcall or a credit card advance.

Assuming the Mafia knows about compounding, a 1.5% vig on a weekly basis would actually be a 117% APR. Plus they can break your legs rather than make nasty phone calls.

Cashcall loans are only useful for people who have very bad credit (but a job and a checking account) and have run out of alternatives. For anyone else, it would be a "rip-off", because they could find a much better rate. The only exception might be if one used a credit card cash advance (3% fee) AND had a APR on the card above 20% AND paid if off in less than 3 weeks. (numbers aside, I'd still do the Credit card).

you ask: "How can CashCall offer an annual percentage rate higher than the mafia and not face jail time???"
Many usury limits were raised in order to allow people to not have to resort to kneecap breaking loan sharks.
National Banks can effectively export their usury laws for loans funded by them to states without strong usury laws. For most states, cashcall's loans are funded by a bank located in South Dakota or Delaware, where usury limits are high.
If you want to find a state (like NY & MA) that has strict laws agains high rates, just look where cashcall does NOT make loans.

By the way, payday loans can have APRs that are above 400%, yet do not violate state usury laws. These types of loans are usually highly regulated by states. For a short-term emergency, a small payday loan that isn't renewed can be better than either cashcall or a credit card advance.

Assuming the Mafia knows about compounding, a 1.5% vig on a weekly basis would actually be a 117% APR. Plus they can break your legs rather than make nasty phone calls.

Cashcall loans are only useful for people who have very bad credit (but a job and a checking account) and have run out of alternatives. For anyone else, it would be a "rip-off", because they could find a much better rate. The only exception might be if one used a credit card cash advance (3% fee) AND had a APR on the card above 20% AND paid if off in less than 3 weeks. (numbers aside, I'd still do the Credit card).

you ask: "How can CashCall offer an annual percentage rate higher than the mafia and not face jail time???"
Many usury limits were raised in order to allow people to not have to resort to kneecap breaking loan sharks.
National Banks can effectively export their usury laws for loans funded by them to states without strong usury laws. For most states, cashcall's loans are funded by a bank located in South Dakota or Delaware, where usury limits are high.
If you want to find a state (like NY & MA) that has strict laws agains high rates, just look where cashcall does NOT make loans.

By the way, payday loans can have APRs that are above 400%, yet do not violate state usury laws. These types of loans are usually highly regulated by states. For a short-term emergency, a small payday loan that isn't renewed can be better than either cashcall or a credit card advance.

Assuming the Mafia knows about compounding, a 1.5% vig on a weekly basis would actually be a 117% APR. Plus they can break your legs rather than make nasty phone calls.

Cashcall loans are only useful for people who have very bad credit (but a job and a checking account) and have run out of alternatives. For anyone else, it would be a "rip-off", because they could find a much better rate. The only exception might be if one used a credit card cash advance (3% fee) AND had a APR on the card above 20% AND paid if off in less than 3 weeks. (numbers aside, I'd still do the Credit card).

you ask: "How can CashCall offer an annual percentage rate higher than the mafia and not face jail time???"
Many usury limits were raised in order to allow people to not have to resort to kneecap breaking loan sharks.
National Banks can effectively export their usury laws for loans funded by them to states without strong usury laws. For most states, cashcall's loans are funded by a bank located in South Dakota or Delaware, where usury limits are high.
If you want to find a state (like NY & MA) that has strict laws agains high rates, just look where cashcall does NOT make loans.

By the way, payday loans can have APRs that are above 400%, yet do not violate state usury laws. These types of loans are usually highly regulated by states. For a short-term emergency, a small payday loan that isn't renewed can be better than either cashcall or a credit card advance.