Plain-language coverage of personal loans, credit fundamentals, debt consolidation, and what underwriters actually look at. Written by editors with deep time on the consumer-credit beat.
Texas caps interest at 10% by constitutional default, and yet a Texan with damaged credit can walk into a storefront this afternoon and sign paperwork carrying a 400% annual rate, legally...
The paperwork says 24%. That number is true, and it is close to useless, because Tennessee law lets the lender charge a second price on the same money: a fee of 0.7% of your balance every single day...
Two borrowers with identical credit files apply to the same national personal loan lender on the same morning. The borrower in Brooklyn gets a quote ceiling of 24%. The borrower in Houston sees an ...
