Warning: The Loan Sharks are Coming!

Hurry, Get Out Of The Credit Pool!! Here come the Sharks.

Loan sharks are people who loan money at extremely high interest rates. They are usually unscrupulous individuals who loan money to needy individuals and expect usually 25% to 50% interest or more.

You must pay it all back, including the interest by a certain date or the interest increases. Failure to repay the debt usually results in property damage or physical harm to you or one of your loved ones.

Well a bank called the First Premier Bank has stepped into the class of being a loan shark. Led by Miles Beacom, CEO of Premier Bankcard and a South Dakota credit card marketer, the bank has decided to offer credit cards to high risk individuals with a $300 credit limit.

They are offering an extremely high interest rate of 59.9 to 79.9 percent annual percentage rate (APR) on these cards.

People, the highest any bank has charged any high risk individuals, is around 25%. They are charging more than three times that rate.

If you were to charge just $100 on the card you would then owe them $80 dollars on top of the hundred you charged and for each hundred that you charge. That is almost double the money you charge. That is more than most unscrupulous loan sharks would charge you and the banks are supposed to be licensed to do a fair business in this country.


Where the hell are all the citizen or consumer watchdog groups or consumer protection agencies in this country when we need them? What about the government stepping in to squash this unfair business dealing. This isn’t right America!

The sad part is that they have sent the offers around to people who are bad at managing credit and probably don’t understand what the term amounts actually mean to them and they said that the return from the offer was almost double over the return they get from their lower interest offers to less risky customers.

I’d say they are definitely sharks taking advantage of a group of consumers, who are definitely ill advised as to whether to accept an offer like that or not.

You know, things are really getting out of hand in the banking world and I sure hope some organization can stop these sharks from feeding on more of the poor people they are targeting with their get rich scheme, that is intended to make high rates like this look normal to everyone, so that more banks can jump their rates to the moon just like they did.

There has to be some kind of consumer law against a business doing something like this to the hard working people in America.  There has to be!!!!!!!!!!!!!!!!!!!!, or God help us because the next depression will definitely end up being a recession! (That is if we don’t pull out of this one first.)

If your credit isn’t that good, you are better off getting a secured credit card and using that to build up your credit rating.



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