Consumer groups want the FDIC to ban rent-a-bank loans with rates that can top 100%

https://www.npr.org/2022/02/05/ [login to see] /consumer-groups-want-the-fdic-to-ban-rent-a-bank-loans-with-rates-that-can-top-1
In 2019, Sarah Ahmed needed about $2,000. She had just moved from Iowa to Tampa, Florida. And she was renting a new apartment and getting her young son set up in an after-school program.

"So I was just kind of running a little close to the red," Ahmed says, "between moving, finishing furnishing my place and getting it ready for my son."

Ahmed says she tried getting a loan from a regular bank, but with her student loan debt, she couldn't qualify. So she started looking around online. She found a lender called Personify Financial willing to give her a two-year, $2,300 loan. She says she sent in her pay stubs and financial information. Then the company told her what the annual interest rate would be.

"It was like 98%," she says.