,” she says.ACORN says it has seen a 300 per cent increase in the share of borrowers taking out high-interest installment loans between 2016 and 2021.
Pay $4,300, get $1,750 back after 3 years. One man’s cautionary tale about ‘savings loans’ Payday lenders are exempt from federal rules capping the maximum annualized interest at 60 per cent and can charge interest rates of up to 500 or 600 per cent.