That sounds absolutely wild. I read “up to” 400% Was that a worst case scenario or was it wide spread? It would be helpful to see more data. Like, if they were charging 18-20% regularly or something.
And Ftr, fuck lending institutions and the conditions that have created them.
It was probably common but these are typically short-term “payday loan” type deals that you’re expected to pay back in a week or two. 400% APR comes out to 7.69% per week.
These things are an absolute trap because if you don’t have $300 or whatever to cover your bills this paycheck, you definitely aren’t going to have $380 two weeks from now to pay it back and that’s precisely where you get steamrolled.
How about saying which states, rather than posting a clickbait headline?
Connecticut, Arkansas, New York, Pennsylvania, Virginia, and West Virginia
