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

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

You or your kids are hungry or need medication to stay alive if you are desperate for $20 and $200, that probably means. Friends and family at Square are right here to aid. Square’s peer-to-peer re re payment solution, Cash App, is testing a brand new function that offers loans between $20 and $200. You have a month to back pay the loan at 5% interest. In the event that you miss out the repayment, you will get a single week elegance. Every week after that, Square will add 1.25% interest. That actually is a 65% yearly rate of interest (fortunately non-compounding).

Just just How ny taxi motorists were conned and bankrupted by medallion loan sharks

“I do not think i really could concoct an even more predatory scheme if we tried. It was modern-day indentured servitude.” That is what Roger Bertling, the senior teacher at Harvard Law class’s hospital on predatory lending and customer security told the newest York days about sleazy operators who hyper-inflated the price tag on taxi medallions (which permit you to […]

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