Re: america to china on train
an interest rate that sounds OK but means he gets back three times what he paid them
Three times? Have you watched some of the "cheap" channels on TV lately?
There are at least 3 companies lending at >1200% APR. And that's down from the 6000% I saw a few years back. No those numbers aren't typos - the APRs really are that large.
It is my belief that a loan should only be permitted if the recipient can calculate the monthly repayments on his own, to within a reasonable margin of error. These usurers are representing themselves as sensible and responsible; I do not see how any loan can be considered responsible if the monthly repayment is more than the loan...
Vic.
Biting the hand that feeds IT
