“There are companies out there lending to Wisconsin consumers at really just exorbitant interest rates. I mean, I’ve seen 400 percent, 300 percent APRs,” said Sarah Orr, director of the University of WIsconsin-Madison Law School’s Consumer Law Clinic.
“And although the repayment terms are more like an installment loan, they’re really just terrible financial traps for people,” Orr continued. “A person who gets one of these products really spells ruin. I don’t know any other way to express it.”