Westland girl had 350% rate of interest on $1,200 loan — and a loophole enables it

Westland girl had 350% rate of interest on $1,200 loan — and a loophole enables it

Karl Swiger could not think exactly how their 20-something child somehow lent $1,200 online and got stuck having an interest that is annual of roughly 350%.

“When we heard about this, we thought you will get better rates through the Mafia, ” stated Swiger, whom operates a gardening company. Continue reading “Westland girl had 350% rate of interest on $1,200 loan — and a loophole enables it”