That interest rate's a little high

I received a solicitation from an outfit called Brookwood Loans (a front 
for MetaBank), saying I was "pre-qualified" for an unsecured personal 
loan of up to $3,000.

The letter touts the fact that the rate on the loan is fixed, simple 
interest. Then it lists the APR at 96 percent. Not 9-point-6 percent, 
ninety-six freakin' percent.

If you borrow $1,000 and pay it back on the bank's schedule (24 monthly 
payments), you'll pay almost $2,280.

Here's the kicker: if you don't apply for the loan online and don't make 
payments electronically, "Higher rates may apply."

South Dakota, land of the legal loan sharks.

-- 
D.F. Manno | dfmanno@[EMAIL PROTECTED]
"They bury your dreams and dig up the worthless/Goodnight/God bless/And
kiss goodbye to the earth/The other side of summer"