FINANCE IN THE SHADOWS

“I don’t know. 20%? 30%?”

“That’s the answer I hear most when I ask people, ‘What is the highest APR (annual percentage rate) a predatory lender can charge?’” says Chuck Jones, executive director of Common Wealth Charlotte.“Unfortunately, when it comes to APR, perception and reality are very far apart.”

“The truth is we see predatory loans with effective APRs of 300% and above.” 

How can this be?

[NOTE: This is the last story of a four-part series featured in Charlotte is Creative’s newsletter, The Biscuit, for April’s Financial Literacy Month. This week features insight from Common Wealth’s Executive Director, Chuck Jones.]