This'n'That; October Seventeenth #2; Scam?!?

A Financial 'Mailer'
    Over the weekend, we received one of those mailings everyone gets.  You know the ones; "you're pre-qualified for a KaZillion bucks, just fill in the blanks and return or go to our website....;"  those kinds!  This mailing--from Springleaf Financial Services--is probably local to the Rochester, N.Y., MSA*
    This offer says I'm pre-qualified for a secured loan** up to $5,250 at an APR of {just} 24.14%; a payment of $171.56 for 48 months.  Oh.... and this offer comes with my very own 'Pre-Qualification Number: (9-digits)'  I gotta tell'ya:  This less-than-wonderful offer smells of a legal scam, if there is such a thing!!  Legal in that Springleaf Financial Services*** can rightfully charge what ever interest rate they think they can get away with; Scam in that--excluding my family and I--Springleaf Financial Services*** is--presumably, allegedly--praying upon the folks who can least afford it, with rates that can be 'bettered' elsewhere.
    Let's 'do the math' on this one:

24.14% equals $1.21 added to every five-dollar-bill borrowed from these--alleged, presumed--miscreants.
If I actually--and stupidly--took this deal, over the four-year life of the note, I'd pay back $8,229.60; that's right, $2,979.60 just in interest, alone!!!

    Anyone who gets one of these mail offers and thinks it's the best they can do; then by all means, goffer'it!!  But bear-in-mind, you're gonna pay dearly for the priviledge!!
   If someone needed this amount of money--for once,--they'd be better served to put the purchase on a credit card at the prevailing rate in the 17++%, range!!  When has anyone ever heard that advice before?!?  No one I know would be that 'financially strapped' to take dis-advantage of this offer!!
NOTES:
Bold text-MY emphasis.
*MSA: (Metropolitan Statistical Area) A geographical region with a large population density and economic ties throughout.
**a secured loan:  a loan for which the borrower must put up an asset of equal value; a car, property, gold or silver coins, the wife's engagement ring, etc.
***Springleaf Financial Services
      1600 Ridge Rd., West;  Ste 11
      Rochester, N.Y., 14609
(It's presumed this is but a regional office of a franchised business.)
Til Nex'Time....