Things that make you go HUH? .. 'CashCall' ad

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Typically I fast forward through commercials, but tonight I needed to get some water and let the advertisements run through. Upon my return CashCall.com was advertising and ended with a fast disclosure of their rates and I am blown away!! "The APR for a typical loan of $2600 is 99.25% with 42 monthly payments of $216.55. Credit Approval is not guaranteed and depends on the lender's credit standards...." This has blown my mind, perhaps it is a business to get into, on the other hand it seems like usery laws are being broken here. I would not be able to take advantage of a person needing money to pay bills, then in the end charge them $9095.10 on a principle of $2600. I can only imagine those loan sharks on the streets that I have heard of in the movies would provide better rates than that. Wow, I am genuinely shocked. Do people really take these kinds of loans out? If you have, well there are far better loans available for you, even if you have questionable credit. Maybe not the best options, but certainly better rates than 99.25%. And aren't there laws against such lending practices? If one can call that 'lending'. Sounds more like stealing and robbing people blind. Again I am in a state of shock, what do you all think about this predator lending?