UMMM, I'll PASS: Man receives 96 percent APR loan offer
In GR:
The unsecured loans available are relatively small - $1,000 to a maximum of $3,000. But at 96 percent APR, that $3,000 loan with 24 monthly payments of $284.93 comes out to a payback of $6,838.32.
The offer was from an out-of-state lender. Michigan lenders are limited to a maximum APR of about 13% for unsecured loans.
