I never heard of it til just now. From their "Rates and Fees" page:
A representative annual percentage rate (APR) example is as follows, rates vary by state, applicant information and lenders: A loan of $100.00 for 14 days could cost $25.00 in fees. The total amount to payback could be $125.00 with an APR of 651.79%.
I don't know what I would need $100 bad enough that I'd pay that kind of interest,
I saw it a few days ago. That is a crazy apr. I thought you could only charge up to 300% and anything past that was considered loan sharking. I am sure I read that at some time. Hmmm. I may have to research that.
ok, after some very lazy googling I determined that there basically is no limit. Which is crazy, there should be a limit.
They probably did away with rate limits as long as there is full disclosure available. That interest rate is outrageous but I guess they need to make money to support Octomom.
