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This lender said its loans would help Tennesseans. It has sued more than 110,000 of them.
(www.propublica.org)
this post was submitted on 11 May 2025
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I 100% fixed my credit score with these types of shitty high interest loans. I took it from 450 to 700 pretty fast.
I realized that credit score formulas are heavily weighted by payment history and credit balances. I had no credit card balances but I had bad payment record from being a stupid kid in college.
Once that dawned on me, I put all my debt into a high interest loan. Made a payment or two then my credit score would go up a bit, and I’d refinance to a somewhat lower interest rate. Those high interest loans kill most people on interest so they don’t have origination fees. I kept refinancing to better rates until I got down to a reasonable number. By then my credit score was 700 and I could make consistent affordable payments until it was gone.
I wouldn’t recommend this to most people. It takes a lot of research and planning. The financial landscape has changed a lot since then too.
NOTE: Just because I had a success story with these doesn’t mean I think the types of loans are good. I found a loophole.
I think this industry is fucking gross and they target people in my situation with little knowledge of how loans and credit work. It’s a shame the CFPB couldn’t do more to stop it and now they are dead too.