Predatory ‘Rent-a-Bank’ Lending Practices Trigger Calls For Regulation
PYMNTS
MARCH 11, 2020
OppLoans, for example, partners with a Utah bank and charges an average of 199 percent, according to its website. Utah has no caps on interest rates. “A ” An uprush in predatory lending has prompted more states to institute interest rate caps. It is currently charging 160 percent on a typical California loan, the WSJ said.
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