Square gets to the mortgage sharking company with 65% APR short-term loans

Square gets to the mortgage sharking company with 65% APR short-term loans

If you should be eager for $20 and $200, that probably means you or your kids are hungry or require medication to keep alive. Your pals at Square are right here to aid. Square’s peer-to-peer re re payment service, money App, is testing a brand new function that provides loans between $20 and $200. You have got one month to back pay the loan at 5% interest. You get a one week grace if you miss the payment. Every week after that, Square will add 1.25% interest. That actually is a 65% annual rate of interest (happily non-compounding).

Exactly exactly How ny taxi motorists had been bankrupted and conned by medallion loan sharks

“I do not title loans in Tennessee direct lenders think i possibly could concoct a far more predatory scheme if we attempted. This is modern-day indentured servitude.” That is just what Roger Bertling, the senior trainer at Harvard Law School’s hospital on predatory lending and consumer security told This new York days about sleazy operators who hyper-inflated the cost of taxi medallions (which permit you to […]

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