How To Take A High Interest Loan And Avoid The Debt Cycle
The NCLC advocates a federal rate cap of 36%. Associate Director Lauren Saunders says without such a system, high rates could permeate other credit products. Many lenders who offer an APR of 36% or less tie your rate to the risk of lending to you, based on your credit history. If you’ve had trouble making loan or credit card payments in the past, the lender may consider you a high-risk borrower and give you a rate close to 36%.