The Newest Craziest Thing

So today while watching TV I came across a commercial for loans. This one was pitched by Gary Coleman which was strange enough. Is he really the trusting presence people are looking for to pitch their products? Probably not. But the crazy part was when the fine print popped up at the end of the commercial. I had to back up the commercial and pause it to be sure, but here is the first line of the fine print:
"The APR for a typical loan of $2,600 is 99.25% with 42 monthly payments of $216.55."
99.25%.
Ninety-nine point two five percent.
Just think about that for a second. That $2,600 loan will end up costing $9095.10 by the time you pay it off. Oh, and there's a $75 loan fee too. Now that's crazy right? But get this, I went to the site just to see what it looked like and took a look at the rates in North Carolina. Check this out:



That's right, in North Carolina you can borrow $1500, lose a third of the loan for a "loan fee" and then pay back the loan with 141.42% interest. Thank you for using Cash Call. Have a nice day.