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Needed a bridge loan due to financial hardship. Took out a loan for $1,250. The interest rate is 596.87% and the finance charge is $6,481.40. This is just a shame to charge that much interest to people who are in tough financial times. It is really taking advantage of them. There should be a national law against these type of interest rates.
When I called and stated that in my state of Illinois, there is a cap of 36% on loan interest, they stated that does not apply to them and when asked if they would at least lower the interest rate and payments, they stated that they would not.
I am in the same boat. After some research I’m looking into seeing about a class action suit. I’m in Colorado and we have the interest rate guidelines aswell. They do a great job about rushing through the signing part to get you your loan and then slap you with the details after. There is no way I can afford to pay back the $1000 I borrowed. With interest and their pay structure it comes out to over $5,000 I’ll be paying back. Which they want $500 by December 2nd. It’s a total scam.
I'm in colorado. I'll hop on that lawsuit