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When LendMark come offering subprime loans so you can California residents several years ago, it observed some thing odd: an enormous and you may growing quantity of large money given by competitor providers during the interest rates from a hundred% or more, and you may seemingly few less, smaller financing.

So you’re able to executives during the suburban Atlanta company, which inserted the official by buying mortgage storefronts regarding an opponent, it did not sound right.

“In the most common says, smaller dollar money are apt to have a tiny large Annual percentage rate and huge fund provides a little down Annual percentage rate,” told you Chris McKinley, an elder vice-president on business. Continue Reading