Risky Loans Back in the United States - $ 90 Billion Industry of Risky Loans…
Original publication date on the United States Real Estate Forum on Facebook:
2019-02-14T22:31:27+0000
Risky Loans Are Back In The United States - A $ 90 billion industry of risky loans for desperate people, with interest rates ranging from 34 to 450 percent!
They're part of a growing industry of online companies which specialize in risky borrowers. Enova, for example, offers loans with interest rates ranging from 34 to 450 percent, depending on the amount, date of maturity and borrower's credit score, according to its website. The expectation for the priciest kind of short-term borrowing, the "payday loan" of storefront fame, is that you will pay it back when your paycheck clears. Still, one could be forgiven for wondering how such sky high rates exist at all.
Expensive Loans to Desperate People Built This $ 90 Billion Industry
During the partial government shutdown, Wilbur Ross could not understand why furloughed workers did not just "get a loan."
Link to the original post on the United States Real Estate Forum on Facebook - Works on a desktop computer:
http://bit.ly/2Grr2ho
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Lior I read half of the article (I would be happy for AMLK or a summary in Hebrew / English ..) but there is an American law called dodd-frank after 2 members of Congress (Republican and Democrat) that requires every mortgage lender to check ability to pay and the duty to test is such that if the person can not Pay for any reason - the body / person granting the mortgage has a duty to prove to the US authorities, if necessary, the fact that a comprehensive check has been made and a due diligence signals to the borrower who has taken a loan.
I wonder how it fits in with the story here ..