CashCall to pay state $1M for loan shark tactics
ANAHEIM - Anaheim-based fast-money lender CashCall Inc. has agreed to pay the state $1 million in civil penalties and legal expenses to settle allegations that it ran deceptive ads and used loan shark tactics against its customers.
The state alleged that the company, which has used former child star Gary Coleman in its ad campaigns, runs advertisements falsely suggesting cheap loans are available to all borrowers.
In fact, low interest rates are available only to active-duty military personnel and their families while other borrowers are charged more than a 139 percent annual interest rate, according to the state's complaint.
Why all the hate? "Right-hand man", "gentleman's agreement", "Dark Days" and "whiter than white" are phrases being "banned". Well, what about hateful derogatory phrases like "Loan Shark"? Why is that still acceptable? This kind of blatant stereotyping and discrimination needs to end.
There has never been a documented case of a shark loaning people money - ever. If we did, we certainly would never do things like so-called "Loan Sharks" do. We may be predators, but even we have standards of decency.
It's time to do away with phrases like "Loan Shark". It's hurtful.
And by the way, stop with the whole "Lawyer/Shark" comparisons, too. We're not monsters.