This guy has been offering very high-interest loans ("usury" is a slur and judgment call, not a legal term- at least, not on the federal level- and state usury laws are ridiculously generous to lenders and hard on borrowers. Pennsylvania and New Jersey define "usurious" rates at above THIRTY PERCENT. Nevada has NO LIMITS AT ALL on interest rates for personal loans) for more than a decade, and he's currently polluting the airwaves by claiming that people "better" know him as "The Godfather of Credit." Which is kind of telling when you remember that "The Godfather" is a term given to the patriarch of a massive criminal cartel.
Apparently, this guy has been offering desperate/stupid people barely-legal lines of credit in exchange for high interest payments, fees, etc. etc.- fans of Dickens will think The Anglo-Bengalee Disinterested Life Assurance Company in Martin Chuzzlewit. He's a Lender of Last Resort- when the customer doesn't have anything of value to pawn but still considers himself a budding Small Businessman who just Needs a Break.
The people who fall into this net will get less than they were promised (in exchange for up-front fees, no doubt) at a rate higher than they were offered over the phone (but not in writing.) Just like those "warranty companies" that cold-call, it's all about getting access to the CUSTOMER'S bank information or credit card. The promises made by the company? If they aren't in writing, they don't exist. It's why the common denominator for all of these "offers" is that you never get a contract until AFTER you've signed up. Because that's how business is done legitimately, right?
*to be fair, after twenty years as a subscriber, I hardly needed more evidence that Sirius/XM will provide advertising for any person or company willing to pay for advertising. Just off the top of my head, here is a list of "companies" I've heard advertised on Sirius/XM since 2004:
Blue Hippo (remember those super-cheap computers with FREE printers people paid $30 a week for but never actually received?
Ronnie Deutsch "Legal Services."
TaxMasters "Legal Services." I think that guy- who looked suspiciously like Ray Reynolds- ended up doing jail time.
Ox Car Care and I've Lost Count of How Many Other "Car Warranty Services."
Home Repair "Warranties."
California Psychics.
Any number of "Credit Repair" companies.
Any number of "Get out of your Time Share" offers.
An almost infinite number of "Skip out of your completely legitimate tax debt" offers.
Big Lou and any number of "Term Life Insurance" offers.
Prevagen and other non-medicines.
Headhunter and other payroll and HR "services" geared at convincing small business owners that they need help dealing with Awful Awful Regulation and Evil Evil Unions.
"Tribute Proofs" pretending to be coins.
"Start a Computer Career" non-offers to train people for non-jobs.
Etc. etc. etc. I suspect that more than half of the ads I hear on Sirius/XM are scams. Hurrah for Free Speech, right?
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