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August 22, 2020

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

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

Karl Swiger could not think exactly just how their 20-something child somehow lent $1,200 on the internet and got stuck by having a yearly interest of approximately 350%.

“When we heard I thought you can get better rates from the Mafia, ” said Swiger, who runs a landscaping business about it. He just found out about the mortgage once their child required help making the payments. Read More

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