Featured Post

The Science of Getting Rich: CHAPTER VII [excerpt] by Wallace D. Wattles #Gratitude

--- Gratitude THE ILLUSTRATIONS GIVEN IN THE LAST CHAPTER will have conveyed to the reader the fact that the first step toward getting ...

Monday, May 7, 2012

Predatory Lending - Where TF is the oversight?!


How stupid are (sh)people anyway?!

Got this in the mail last week..

From Sun loan company..

Top of page designed to look like a check.. Ask for up to $3,500.04 etc, etc..

And goes on to advertise "FOR ANY WORTHWHILE PURPOSE"

Here's the ad.. (highlights are my own..)

Dear (imagine your own name here)

We are happy to let you know that we have "the help you need" for Mother's Day, "or any other financial need you may have." You have been pre-selected for a loan from $150.00 up to $3,500.04.

That's right! We are ready to make you a loan! Celebrate Mother's Day with your mom, your wife or someone who has been just like a mother to you. Use your loan for a nice dinner, beautiful flowers or a special gift.It's "your" money to spend however you wish. If you prefer, you can use it for other expenses you may have, like vehicle repairs or monthly bills.

Whatever the amount you need, Sun Loan is prepared to make all of your loan arrangements with fast, "friendly" service. We can take your application by phone and your loan can be completed in about 30 minutes. "It's just that easy."


Standard payday loan, predatory / sub-prime lending type crap..

Here's the hilarious part (IMHO).

In the fine(r) print, on down the page is this statement..

Your APR will be between 52.62% and 159.18% depending on the size and term of your loan. { Apparently not on your perceived ability to repay or credit worthiness as it states here it's based on "the size and term of your loan". }

My question is how can the American people ever be expected to believe "oversight" exists at all when we constantly see these examples of, apparently COMPLETELY LEGAL, loan sharking?!

Who is responsible for this oversight?

Why are Americans who can't afford to buy food loaned fiat at 159.18% APR while the Federal Reserve Bank GIVES FIAT AWAY FREE (0.00 - 0.25% to the Too Big To Fail & investment bankers?!

Things in the economy of the USA are completely upside down and to date, since the financial sector implosion of 2008, are at the very best exactly the same (NO CHANGE) if not much worse.

It seems obvious to me that a large majority of this economy is based strickly on no more than predatory / sub-prime lending and / or government / Federal Reserve Bank driven economic bubbles.

Wake up people.. Capitalism is done for.. what we are currently witnessing is something entirely different.

I'd just call it economic predation.

Here's the SUN LOAN company website Have fun there doing whatever it may be you would like to do there ;)


No comments:

Post a Comment