In Reply to: re: Credit Union & Money lenders posted by Good Fellow on November 30, 2015 at 12:52:59:
One reason the rates are high because of the short term nature of the loans. The admin fee when expressed as a APR over a short period over a small actual loan inflates the APR.
Additionally, banks and credit unions have better security versus the unsecured nature of these loans. Why regulate the rates? Why are people trapped using them - they shouldn't spend money they don't have.
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