If you have a loan out right now, you’re probably paying an interest rate of some sort. For instance, the average interest rate on a car loan these days is around five percent. Of course, the higher an interest rate is, the more money you lose – and the harder it becomes to pay the loan back.
It’s pretty obvious, then, that a loan with an interest rate of 100 percent is a bad deal for consumers. Believe it or not, though, lawsuit lenders – perhaps more accurately called lawsuit loan sharks – actually charge rates as high as 150 percent!