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Updated over 10 years ago on . Most recent reply

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Dmitriy Fomichenko
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96% APR. Really?

Dmitriy Fomichenko
#1 New Member Introductions Contributor
  • Solo 401k Expert
  • Anaheim Hills, CA
Posted

I received a loan offer today from Brookwood Loans... They offer small loans up to $3,500. They are charging rate of $96%!!! I had no idea that it was legal to charge such high rate. In three years you are paying back three times as much as you borrowed!

  • Dmitriy Fomichenko
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Ned Carey
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ModeratorReplied

@Dmitriy Fomichenko You are assuming you qualify for their best rate. Note that just below the APR it says "Higher rates may apply" !

  • Ned Carey
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