Most States Ban Predatory Loans. Lenders Are Using This Loophole to Charge 150% APRs Anyway

By: Adam Hardy – Editor: Julia Glum On a December night in 2022, Austin Patrick was heading back to college in Virginia after spending winter break with family in Iowa. He was driving on Interstate 64, just outside St. Louis. Then a brake caliper snapped. Fluid spewed everywhere. His brakes cut out at highway speed. Thankfully, he maintained control of his Audi A6 and took the next exit. But as a…