Online lenders tied to Native American tribes argue that they aren’t subject to state lending laws, but they backed away from operating in six states where attorneys have acted forcefully to protect consumers.
It was probably common but these are typically short-term “payday loan” type deals that you’re expected to pay back in a week or two. 400% APR comes out to 7.69% per week.
These things are an absolute trap because if you don’t have $300 or whatever to cover your bills this paycheck, you definitely aren’t going to have $380 two weeks from now to pay it back and that’s precisely where you get steamrolled.
It was probably common but these are typically short-term “payday loan” type deals that you’re expected to pay back in a week or two. 400% APR comes out to 7.69% per week.
These things are an absolute trap because if you don’t have $300 or whatever to cover your bills this paycheck, you definitely aren’t going to have $380 two weeks from now to pay it back and that’s precisely where you get steamrolled.