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I recently had brought to my attention the existence of a company called “LoanMe,” which pre-qualified a redditor for a $10,600 loan at an APR of 99.75% with a $70,000 payback.
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I knew credit cards had outrageous interest rates of 18% and above, but I had no idea they were being outdone by orders of magnitude in the world of high finance.
Have a look at rates available in Utah from this company:
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This is from LoanMe’s own website – with the next column in red calculated out by me and showing the total payoff.
For a $5,000 loan you’d be paying $36476.04 in interest over 7 years. For an even smaller loan of $2600, you would pay $15729.80 in interest over just shy of 4 years.
Predatory practices of this nature are incomprehensible; I thought we had laws against usury in this country, but I guess we don’t.
Be careful out there, and avoid those who would rob you in broad daylight under the loving protection of the law.
The Old Wolf has spoken.
Image may be NSFW.
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Image may be NSFW.Clik here to view.
