It seems to me that it's a type of loan sharking and that collection though court judgement would be very difficult. It is my understanding that a contract written contrary to state or fed. law can not prevail. Is this in that arena?
Are 'payday loans' that charge like 900+ percent interest legal.?
Unfortunately, most states dont have solid usery laws and these rip off joints are in business. I can only hope that GOD has a specical place in Hell for these scum bags that take advantage of the poor and stupid.
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