Bank Loans at 499%!!!

Missouri Bank offers “Helix” loan product with rates up to 499% APR

Kendall Bank in Kansas City, Missouri is promoting a loan product through a lender called “Helix.” The Helix website explains:

Loan amounts range from $200 to $4,000 with a repayment term up to 24 months. Annual Percentage Rates range from 36% to 499%.

Umm, that’s a pretty expensive bank loan. In fact, if your short-term borrowing “needs” mean you need a 499% interest rate loan, you are quite likely to have additional borrowing needs in the near future.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .