A $500 line of credit offered by a predatory lender in Pennsylvania in 2006 charged 5.98% interest but required a $149 monthly junk fee, resulting in an actual APR of 431% if repaid over six months.

Authors

• Person: Not available Organization: National Consumer Law Center
  Predatory Installment Lending in the States: How Well Do ... - NCLC

Sources

• Predatory Installment Lending in the States: How Well Do ... - NCLC www.nclc.org National Consumer Law Center via serper

Referenced by nodes (1)

• annual percentage rate concept