Our Policy Director, Shelmun Dashan, was quoted this week in the article, "Super.com: Cash Advance Feature Could Expose Company to Scrutiny, Raise Consumer Protection Concerns, Experts Say," from The Capitol Forum. If this company sounds familiar, it's because Shelmun was quoted in a piece last week about Super.com’s billing and cancellation tactics (see Center update here).
The company claims that Super.com Cash is “not a loan" and advertises no interest or fees, but The Capitol Forum’s investigation found that Super charges both a $3 service fee and a $15/month subscription fee just to access the offer. Capitol Forum calculated that these fees add up to a 391% APR on the $20 loan Super.com offered.
Shelmun noted: "If a lender advertises an interest-free advance, but then when you apply they say you actually have to pay for a membership to qualify, that's a bait and switch. It's deceptive, plain and simple."