I ain't got no knowledge of spelling and writing, but the Lord gave me a good memory

CptStern

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Tennessee Couple Gets $5,000 Loan, 59% Interest Rate

Kay and Lewis Brown wanted some quick cash so they could make a moderate addition to their home. They turned to CashCall, an online loan service, after seeing the ads on TV. The company lent them $5,000 â?? at 59% interest. Now the couple is on the hook for $20,830.

The Browns claim they were never told anything about this extortionate rate and are seeking legal action. "I ain't got no knowledge of spelling and writing, but the Lord gave me a good memory," says Kay Brown. "And I know they never said anything about 59 percent interest."

If you're wondering why they didn't read the fine print â?? well, it's because they can't read or use a computer, and were told by CashCall to have a friend help them apply for the loan on CashCall's website.

apparently the good lord didnt care enough not to make them stupid

042009shadyloan_t600.jpg


the caption to this photo should be "DURRRR"

http://www.knoxnews.com/news/2009/apr/20/badly-bitten/
 
Thank looord'ei for these red necks and the great storys that come from their pathetic lives.
 
Wow...

They deserved this with all the worlds being.
 
well, they must understand numbers...unless they put it like "fifty-nine percent"

anyways, those are some dum azzholes
 
well, they must understand numbers...unless they put it like "fifty-nine percent"

anyways, those are some dum azzholes

maybe they thought the "%" symbol was actually the letter "B" .. or an octopus
 
To be fair, those cashcall commercials and others like them are real predators.

I blame Gary Coleman.
 
Jesus ****ing Christs? Companies like that exist legally? No one in their right mind would pay for that, they must be exclusively relying on people unwillingness to read the fine print or complete ****ing stupidity. It's just ****ing extortion.

Seriously, you'd get better rates from a loan shark.
 
I'm not sure what is more surprising, the insane interest rate or the insane stupidity of that couple.
 
It's great that a lot of people in the thread think they're stupid, but I'd have to agree with the posts preceding mine. That company is awful. They're the ones really at fault here. I think they must have taken advantage of these people. It's so easy to get duped out of money, especially when you can't read.

Before I moved, I did some work with a Manchester City Council project to help people with their English language skills. It's actually incredible just how many people are illiterate or innumerate. They compensate in all kinds of amazing ways, but when something like this comes along, they just have no idea how to handle it.
 
Sure, that company is shit and crap. BUT, you can't even shift the blame much. They said they were told to get someone to read the agreement for them. Not the companies fault they didn't.
 
I think there is a fixed credit card interest limit in the US. It might be somewhere around 29% - which is beyond ridiculous, but this takes the cake. Literally. And the bacon, and the bread, and the butter, the cheddar, the cheese, etc.

This should be federally regulated. There is only so much you should be allowed to be suckered for. Getting taken for a ride like this ... it could incite violence, not to mention ruin someones financial stability and credit. The bankrupt can't pay their taxes.
 
Bill: "Alright Bob, the company has been all setup. Now we just need to assign interest rates on the loan sizes. We'll start at $5,000. What do you think, Bob?"

Bob: "60% sounds about right."

Bill: "60% Bob?! That is just ridiculous! Nobody would pay THAT much interest!"

Bob
: "59% then?"

Bill: "Sounds about right."
 
Eh, not that funny. The fringe economy exploits the lower class to the point of wringing them dry in this country. It gets to be pretty terrible.

Go to ANY of those quick cash buildings or stands in lower class neighborhoods and you'll quickly find out that the APR on most of those loans start at about 30% and peak well above 50%

It's great that a lot of people in the thread think they're stupid, but I'd have to agree with the posts preceding mine. That company is awful. They're the ones really at fault here. I think they must have taken advantage of these people. It's so easy to get duped out of money, especially when you can't read.

Before I moved, I did some work with a Manchester City Council project to help people with their English language skills. It's actually incredible just how many people are illiterate or innumerate. They compensate in all kinds of amazing ways, but when something like this comes along, they just have no idea how to handle it.

exactly
 
Bill: "Alright Bob, the company has been all setup. Now we just need to assign interest rates on the loan sizes. We'll start at $5,000. What do you think, Bob?"

Bob: "60% sounds about right."

Bill: "60% Bob?! That is just ridiculous! Nobody would pay THAT much interest!"

Bob
: "59% then?"

Bill: "Sounds about right."

Yeah, pretty much... the whole 19.99/19.95 crap. lol
 
Yeah? Okay? There are uneducated people in the world, both in English and in finances. Big news. You don't have to heartlessly ridicule the couple.

As someone said before, that company is awful.

EDIT

Sure, that company is shit and crap. BUT, you can't even shift the blame much. They said they were told to get someone to read the agreement for them. Not the companies fault they didn't.

From the article,

The salesperson at CashCall said Brown could ask a friend to help. So she called her nephew, Johnny Lane of Grainger County.

Brown says the company talked her and Lane through what she thought was just an application process. However, Lane entered Lewis Brown's Social Security and bank account numbers on CashCall's Web site. Then, he unknowingly clicked the buttons to "sign" the loan electronically.
 
Yeah? Okay? There are uneducated people in the world, both in English and in finances. Big news. You don't have to heartlessly ridicule the couple.


how long have you been here/on the internet? ...if there's an opportunity to ridicule the ignorant, the uneducated and the stupid by god I and many like me are taking it. With great joy and excitement I might add. This is WHY we have the internets in the first place! why would you deny us this right? who are you to tell us not to make fun of the slack jawed yokels? your way of thinking is a cancer to all that is decent and fair on the interwebs. We dont want you to police our domain for no police handler are you with your morals and ethics **shudder** You would have us all in cardigans, cheerfully and vacuously smiliing as we embark on a mission to bring light into the dark void that is internet. Bringing alms to the hopelessly stupid as they stumble and trample their way through the series of tubes and highways we call the internet is too much to ask of it's denizens who have through sweat and the toughening on skin conquered the virtual landscape on their own without help. Let the drooling, uneducated, the human flotsam fend for themselves so that the rest of us can pick them off one by one like vultures circling crippled bunnies in the desert sun waiting for the opportunity to swoop in a red haze of fur and crimson lifejuice
 
how long have you been here/on the internet? ...if there's an opportunity to ridicule the ignorant, the uneducated and the stupid by god I and many like me are taking it. With great joy and excitement I might add. This is WHY we have the internets in the first place! why would you deny us this right? who are you to tell us not to make fun of the slack jawed yokels? your way of thinking is a cancer to all that is decent and fair on the interwebs. We dont want you to police our domain for no police handler are you with your morals and ethics **shudder** You would have us all in cardigans, cheerfully and vacuously smiliing as we embark on a mission to bring light into the dark void that is internet. Bringing alms to the hopelessly stupid as they stumble and trample their way through the series of tubes and highways we call the internet is too much to ask of it's denizens who have through sweat and the toughening on skin conquered the virtual landscape on their own without help. Let the drooling, uneducated, the human flotsam fend for themselves so that the rest of us can pick them off one by one like vultures circling crippled bunnies in the desert sun waiting for the opportunity to swoop in a red haze of fur and crimson lifejuice

There's a lot more people in the world who are illiterate. Why just focus on the ones who you find to be yokels?

Personally, I think people being unable to read or write is a tragedy, and not one to mock.

But that's just me.
 
you know I completely avoided using the word redneck in this thread because of you


also remember when I said 90% of what I say is sarcasm? .........
 
you know I completely avoided using the word redneck in this thread because of you


also remember when I said 90% of what I say is sarcasm? .........

I dunno man, when you get political, to me it always seems to be in that 10%.

I'm not trying to rid you of your right to make fun of people, but I just have to question, why of all things, it's their illiteracy that is targeted. I guess it's just easier to do so, since you don't know much else about them, other than their illiteracy and the fact that they got suckered into a predator loan that screwed them over.
 
I dunno man, when you get political, to me it always seems to be in that 10%.

yes politics is serious business

I'm not trying to rid you of your right to make fun of people, but I just have to question, why of all things, it's their illiteracy that is targeted. I guess it's just easier to do so, since you don't know much else about them, other than their illiteracy and the fact that they got suckered into a predator loan that screwed them over.

the headline quote is what drew me to this story not their illiteracy. belive it or not people outside of that part of the world find their collquialisms kind of comical. stereotypes are often stereotypes for a reason
 
According to this, that interest rate is several times the legal state limit. They are probably an out of state company though.

http://www.enotes.com/everyday-law-encyclopedia/interest-rates said:
TENNESSEE: Legal rate of interest is 10 percent. Judgment rate is 10 percent. General usury limit is 24 percent, or 4 percent above average prime rate, whichever is less.
 
I dunno, I guess I'm way more critical than most of the other people here, but to me, they deserved it. But, alas, I'm an asshole, so yay.
 
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