Trapped by Web loan with the 842% interest rate

It absolutely blows me away that OUR governement officials can't get a grip on something as detrimental to our economy as this.

But I guess this is what we deserve, right? Our society actually encourages individuals and corporations to suck segments of our economy dry until it creates a public crisis, then they step in and act like they're doing something about it.

This is exactly what happened to the housing market, the credit markets and the oil industry. And we all sat by and watched it happen!

An extremely smart man, Thomas Jefferson, is credited with stating "A little revolution now and then is a good thing; the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." While he may not have actually said, it's about time we learned something from those words!

How the hell do people get away with charging 2000 percent interest?

A fool and his/her money are soon parted. Making this person learn a tough lesson will make them smarter. That being said, she should just not pay the loan back. The company wouldn't have a leg to stand on in court since the loan likely wasn't legal to begin with.

ACLU Member wrote:

A fool and his/her money are soon parted. Making this person learn a tough lesson will make them smarter. That being said, she should just not pay the loan back. The company wouldn't have a leg to stand on in court since the loan likely wasn't legal to begin with.

Ah, a scam to scam the scammers! Sounds like free money to me, I'm in.

How is this not usury?

while i think such company's need to be put out of business i have no sympahthy for the idiots that use them.

No sympathy here.

Tell your family you can't them gifts for Christmas due to financial problems...they will understand...borrowing money at these places is like pouring gasoline on a fire.

Ah...people that need to be protected from themselves. A liberal politician's dream come true.

It's like loan-sharking, only LEGAL!

Another good reason to read the fine print. Not my problem for her stupidity.

waggy wrote:

while i think such company's need to be put out of business i have no sympahthy for the idiots that use them.

...using these loans for gifts and tv's and vacations, yeah that's unwise. but then, so is walking around with massive credit card debt and paying hundreds a month in interest.

unfortunately, our schools aren't even able to teach kids how to read and write and speak. the idea that people should learn about credit ad debt and interest, that's a pipe dream.

the fact that the mother AND the daughter fell into the same trap tells a story, doesn't it?

do they have cable? cell phones? internet access? netflix? do they go out to restaurants? movies? how much have they spent on clothes? when did they last buy new cars?

my point is that there is probably plenty of slack in their finances and they could probably downsize quite a bit.

This is just part of the entitlement mentality that has taken grips on our society. People feel they deserve to live beyond their means - they want it all, and they want it now. I consider myself fairly liberal, but I have no sympathy for idiots that take the easy way out without thinking of the price that has to be paid.

And whatever happened to 'caveat emptor'?

How can any state allow this to happen? No matter how stupid the borrowers are, or where the loans come from, you just know it's gonna come back and cost all of us.

Doesn't the government know that we are all stupid or helpless- please media, government, liberals- you need to save us from our own stupidity. We can't trust ourselves to make correct decisions- please help

This article is absurd- a fool and her money is soon parted- end of story nothing to see here

These loan companies would not even exist if people would take some personal responsibility!!! What happened to doing your homework before signing up for these things? Same thing with houses- do people not understand what an adjustable rate mortgage means?? How in the world are these people buying houses without even knowing what they are signing up for?
Do a little research yourself and none of these stories would happen!!

wow, this lady was a finger print expert!!!
Did she read the fine print, before she agreed to this so-called loan!!
That is sad.....the loan sharks are now on the net...
I never buy any insurance or borrow money on -line. It'
s bad enough to sit in front of these people when they twist things around..and, almost everytime in their favor..
She should file for BK!!!

Just an absurd, liberal-slanted article. Loved all the "sinking" economy & "doom & gloom" & "we're all gonna die" references. Priceless

Man, where to begin...

"she rarely notices the loan's interest rates even when they are posted." Maybe she should start paying attention to minor things like "terms", "rates", etc.?

According to the story, her daughter "has been down the same route as her mother with loans. They helped push her into bankruptcy a few years ago." Maybe cluelessness is genetic?

I'm sure that someone will recommend that the tax payers bail her out.

Not Messing Around wrote:

No sympathy here.
Tell your family you can't them gifts for Christmas due to financial problems...they will understand...borrowing money at these places is like pouring gasoline on a fire.

I'm glad I'm Muslim. It is forbidden by our religion to get involved in interest-bearing loans....and we don't have to buy anyone Christmas gifts!

Mike wrote:

How the hell do people get away with charging 2000 percent interest?

It's simple. The Republican party is dead set against any laws that protect consumers. The Bu$h administration has placed two members on the Supreme Court who are 100% pro-corporation -- they oppose antidiscrimination laws, consumer protection laws and anything else that takes any power away from corporations or gives any power to individuals trying to fight a corporation. This is Republicanism run amok. Recall that President Clinton vetoed the "bankruptcy reform" bill that the Repugs passed and Bu$h signed -- without even a provision to protect our fighting men and women from losing their homes as a result of income lost while risking their lives in Iraq. God Bless America, but GD the Repugs and anyone who votes for them or gives them so much as a penny!