dfr1973
Power Conserver
Unless y'all are active duty military, it is indeed legal. A couple years ago CONgress capped interest for active duty at 35%, due to problems with payday loans/tax return advance/title loans. Before that cap went into effect, I had heard of some local places charging 600-800% interest.FarmerChick said:no that can't be legal. it just can't, can it?
Unfortunately, paying it off is the only way out.you best find a way out of that loan ASAP --that is insanity.
I have a serious ax to grind with this business model: they are PREDATORY by nature, with their preferred prey being young military, poor/low-income folks living paycheck-to-paycheck, and of course those who find themselves in an emergency/desperate situation. Once upon a time, they WERE illegal ... but along with high-interest credit cards and "subprime" lending, they lobbied to repeal usury laws so they could take advantage of people.