Susan Tompor Detroit Free Press Published 5:00 AM EDT Jul 20, 2019 DETROIT – Karl Swiger couldn’t believe how his 20-something daughter somehow borrowed $1,200 online and got stuck with an annual interest rate of roughly 350%. “When I heard about it, I thought you can get better rates from the Mafia,” said Swiger, who runs a landscaping business. He only heard about the loan once his daughter needed help making the payments. Yes, we’re talking about a loan rate that’s not 10%, not 20% but more than 300%. “How the hell do you pay it off if you’re broke? It’s obscene,” said Henry Baskin, the Bloomfield Hills attorney who was shocked when he first heard the story. Baskin decided he’d try to take up the cause for Nicole Swiger, the daughter of Karl Swiger who cuts Baskin’s lawn, as well as other struggling households caught in a painful debt trap. Super-high interest loans should be illegal and several states have tried to put a stop to them through usury laws that set caps on interest rates, as well as requiring licensing of many operators. The cap on many types of loans, including installment loans, in Michigan is 25%, for example. Yet… Read full this story
- Bill targets 'Kushner loophole' allowing false filings
- Suit Accuses Ga. Law Firm of Usury for Recommending Loan with 50% Interest Rate
- Delta Says Pilot ‘Deescalated’ Fight by Hitting Woman (Video)
- Passengers Confront Flight Attendant Who Allegedly Hit Woman with Stroller (Video)
- New York’s Changing Wage Rates and Allowances Effective December 31st
- Bradley Manning plans to live as a woman; will Fort Leavenworth allow hormone therapy?
- Colleges Hire Consultants to Help Manipulate Student Loan Default Rates
- Government launches review into tax loophole for second home owners following Norfolk MP’s petition
- As mortgage rates plunge, should you refinance?
- Uber seeks to cut pricing on $1.13 billion term loan
Loan hits woman with 350% interest rate, and loophole allows it have 312 words, post on eu.usatoday.com at July 11, 2019. This is cached page on Europe Breaking News. If you want remove this page, please contact us.