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.