Words of Advice:

"We have it totally under control. It's one person coming from China. It's going to be just fine." -- Donald Trump, 1/22/2020

“We will not see diseases like the coronavirus come here..and isn't it refreshing when contrasting it with the awful presidency of President Obama."
-- Trump Press Secretary Kayleigh McEnany, 2/25/20

"I don't take responsibility for anything." --Donald Trump, 3/13/20

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground Who is Incapable of Understanding or Doing Anything About It." -- Unknown

"There seems to be almost no problem that Congress cannot, by diligent efforts and careful legislative drafting, make ten times worse." -- Me

"What the hell is an `Aluminum Falcon'?" -- Emperor Palpatine

"Eck!" -- George the Cat

Thursday, October 22, 2009

You're Better Off Getting a Loan From Vinnie the Hammer

First Premier Bank is offering credit cards with an annual interest rate of 79.9%.

The only difference between First Premier Bank and your local loan shark is that your kneecaps are safe if you default on First Premier.



Phil said...

This is legal how?


Comrade Misfit said...

It's legal in South Dakota, where First Premier is chartered and where there is no maximum interest rate.

You think it is by chance that so many banks have their credit card operations in South Dakota? Citibank pioneered that decades ago.

BobG said...

Anyone who signs up for something like that deserves it.

Joe said...

I admire the exquisitely delicate touch of that "79.9". It sounds so much less than "80".

Comrade Misfit said...

Bob, I sort of agree, but it is very unsettling that there are states which allow this sort of loan-sharking by "legitimate" banks.

Anonymous said...

79.9%? God, the predation is stark bloody naked--aren't there any anti-usury laws that apply against this?

Nap Flyer said...


Not in South Dakota.

Ruckus said...

I'm not so sure about those kneecaps anymore. Of course you could probably keep your kneecap by donating a kidney. Check the fine print for that one.

Tengrain said...

I saw someplace that payday loans are now in excess of 100% interest.

Nothing like feeding on other people's misery.