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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.
