A Google search for “online loan” returns a list of low-interest personal loans alongside no-credit-check loans with high interest rates. The latter might not be available in many states if it weren’t for the “rent-a-bank” business model. This method of lending involves financial technology companies that partner with banks to distribute installment loans with triple-digit…
The article How High-Interest ‘Rent-a-Bank’ Loans Sidestep State Rate Caps originally appeared on NerdWallet.
