NASHVILLE, Tenn. (WZTV) — The maximum interest rate for loans in Tennessee recently increased to 11.5%. But don’t be misled, that cap applies only to mortgage loans.
Other types of loans are governed by entirely different rules. In fact, some legal loans can carry interest rates exceeding 200%.
FOX 17 News’ Dennis Ferrier speaks with a Middle Tennessee man whose legal loan ballooned into a financial nightmare…