Cashcall is a lender of last resort for the desperate. They charge upwards of 96% interest on small loans. Yes, 96%.
Given the current shaky state of the subprime mortgage market, companies like this making extremely high-risk, unsecured loans can easily crash and burn. Many subprime companies already have. And their loans are secured.
We need regulations against interest rates this predatory. Anyone who takes a loan with interest this insanely high is already so deep in debt it’ll take them years to get out – if they ever do, that is. Instead, they’ll just get even deeper in the hole. This benefits no one, certainly not the debtor, and not even the company making the loan, because sooner or later (probably sooner) it’ll coming crashing in on their heads too when loan defaults force them out of business.
We need a new, saner, more equitable economic system where such exploitation no longer happens.