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August 3, 2020

How to take a high-interest loan and skip the debt cycle

  • Aside from low APRs and a review of your ability to repay, here are some things to look for if you need a high-interest loan.
  • By ANNIE MILLERBERND
    NerdWallet

    For the millions of Americans who struggle to afford an unexpected expense, high-interest payday and online loans may seem like acceptable options despite the inherent risk.

    But guidance issued by federal regulators in the spring could bring a competitor to small-dollar lending: banks. The guidance omits a previous suggestion from the Federal Deposit Insurance Corp. that loans from banks should have annual percentage rates of 36% or lower.


     
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