How high can personal loans realistically charge a person?

Member

Are there laws in place to keep them from charging ridiculous amounts or is this up to the bank according to credit scores? I was on a website that stated there have been some loans that have been as high as 70%. That is a lot of money in interest. So if your personal loan is $1,000 you have to pay them back $1,700!

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May 10, 2020 9:14 PM

Member

As high as they signed on for, really. This is why you ALWAYS read the fine print before you sign any kind of contract dealing with money.

May 16, 2020 1:02 AM

I honestly don't know if there are laws in place to prevent companies charging you higher than a certain percentage. I know there aw laws to protect debt collectors from harassing you have so many years but that is about it.

May 18, 2020 7:58 PM