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Gary Coleman commercial scam
Has anyone seen the Gary Coleman cash advance commercial? How low can this guy go? He's pushing a loan product "right into your checking account" then the fine print comes up.
APR is 99 percent!! A $2,600 loan is covered in 42 monthly payments of $210 a month. Meaning, you'd pay back $8,820 for a $2,600 loan over 3 1/2 years? $6,200 in interest!.
How these people are allowed to advertise is beyond me. Why doesn't the DOJ investigate these late-night commercial scams?
If people are stupid enough to borrow money from these people then they will get everything they deserve.
That's the point; a less educated and financially broken person will get taken for a ride. Only in America.Originally Posted by vanman
that commercial is on a million times a day on tvg,the horse racing channel
SBR Founder Join Date: 9/20/2005
They need to charge that int rate.. Because they are dealing with desperate people with bad credit. so with that being said half of the loans probably go to collections..
Seattle Slew,
Jay Paul Reddam owns cash call, he is a very well known horse owner in the industry.
TVG shows these commercials all day and night.
SBR Founder Join Date: 11/16/2005
They just ran the CashCall Mile at Hollywood, so that's why these ads are playing on TVG all day. Think they are eying gamblers too?
They are called a predatory lender with those rates. I know the print is there, but there should be rules against 99 percent interest. That's crazy.
poor people have less to lose and they have bad credit so 99% apr is just the prime rate plus risk premium. if you own a payday check and 2/3 people you loan the money to can't or won't pay you back, then you need to charge over 200% interest to make a small profit.
the people repond to gary coleman ads, about half of them won't pay you back, so i think 99% apr is fair. at least gary coleman load won't send someone over to break your legs.
Good evening picoman glad you could join us.
Whachoo talkin' 'bout, Willis?
SBR Founder Join Date: 8/31/2005
i think i am reiterating your point that poor people are screwed. it is the classical lemon car problem, you can't seperate a person who is going to pay you back from a person who is not without a credit history, so you need a collaterial or charge a high interest.
advertising on the horse channel makes perfect business sense. because only desperate people need money now, and they're willing to pay for it at very high interest rate. let's say you think you have a lock on tomorrow's home run derby at odds +500. would you take out a loan at 200% interest? if you think you're going to win, then why not.
but anyone whol has taken gary coleman load will not have a happy ending. if he/she won and able to pay it back, it'll lead to more risky betting behavior. if he/she loses, then they pretty much has to suck rooster to pay back the loan.
it is preditory leading, and i think it is against the law, so is offshore gambling...so i guess you just has to be careful not to do something too stupid.
Has anyone noticed lately all of these text message "contests" everywhere??
You know the one - on almost every TV show they have a text message contest. Its on ESPN now, deal or no deal, big brother, almost every single tv show has one of these. They basically ask a ridiculously easy question and then you text in your answer and a random winner wins 10k.
This is just another form of legalized gambling where the consumer gets totally ripped off.
The catch is that the texter pays $.99 for each entry. So can you imagine on a show like Deal or No Deal how many entrants they get to give away one single 10K prize? Its really amazing to me that this is legal, its like stealing.
They even have shows now in the afternoon where they have these ridiculously easy crossword answers (like "fill in the missing letter to show a popular pet" and the answer is "D_G"). This is the whole show. They give away like 300 bucks to the one random draw of all of the texts.
And this is somehow legal but me betting fair and square on a sporting event or poker isnt? How is this slipping by everyone? These guys are just printing money.
Talk about ripping off the public.
nothing new...it is just those hollywood genius just realized how to copy the idea from europe. if you ever watch tv in say netherlands, you see this kind of crap on the tv all the time(when i visted there 6 years ago). if you ever go to asia, same thing. it is just that sms/text hasn't got popular until recently, so it is just a market tv executive are going to cash in.
Im really just pointing out the (obviously huge) hypocrisy in the gambling laws.
Hollywood tv producer can run a pool, guy in office cant.
Just another example....
hollywood tv producers have an army of lawyer that makes it legal. guys at the office don't. this is pretty much capitalism. you know when the internet gambling bill passed, all the local bookies in nyc had a big big party
Has anyone ever taken a payday loan and not payed? I've heard that it doesn't even appear on you r credit report. Is this true?
Gary Coleman is a national icon.
SBR Founder Join Date: 8/25/2005
Thats a "gooch"er prick
SBR Founder Join Date: 8/10/2005
Anyone that would subscribe to any deal by Coleman deserves what they get. Any companu charging these outrageous rates deserves what they get, also. So this is a happy marriage.
Amazing thing is Coleman was making the same or even more money per episode in the late 1970s and early 1980s than Alan Alda, Carroll O'Connor or Suzanne Somers. Likely around $200,000 to $300,000 per episode, or about $5 million, plus millions more in endorsements.
And now the guy has no money. What did his relatives spend it on?
Also didn't help his cause that the sitcom didn't play well in reruns and hasn't been seen in 20 years.
hilarious
SBR Founder Join Date: 8/10/2005
thanks man, i'm retarded, here's another
http://www.youtube.com/watch?v=z_2WEentvFQ
poor bastard can't even see over the steering wheel- and you know that car isn't his
SBR Founder Join Date: 8/10/2005
Sad
Coleman was a gambler or should Is ay a numbers player back in the day. He is trying to make a buck and that is all.
SBR Founder Join Date: 7/20/2005
i thought there were limits to how much interest you could charge and if you charge more it's called usury and is criminal (baseball bats or not).
My girlfriend used to work payroll for a company that cleaned offices with a very high ratio of new immigrants on the workforce. She said that there were tons of them whose pay was being deducted to pay off small loans to places like this. One poor bastard was paying a good chunk of his pay every month to pay off a $2500 loan with an interest rate like the one seen here. She did the math and its going to take the guy about 15 years to pay it off.
These places are just scams that take advantage of the young, the uneducated and immigrants. If I believed in hell, I would hope for a special place reserved for people who take advantage of the desperate.
Also, why didn't Coleman just borrow a little more and get himself a booster seat for that car too?
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