Trapped by Web loan with the 842% interest rate Posted on May 11th
Rochelle Parker needed money for Christmas gifts and medicine, so she went online and found a Web site promising easy money. After a few key punches she was zapped a $300 loan, but one that charged an astonishing 842 percent annual interest.
The recently retired fingerprint technician for the Chicago Police Department had several other online loans that drained her financially and forced her to move in with her daughter. But getting another loan was so easy on the Internet.
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