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Center for Responsible Lending Introduces New Loan Subsidiary
Rumpelstiltskin Lending, LLC to Offer Short-Term Credit Product. Washington D.C.-Columbus, OH - June 10, 2009 - (RealEstateRama) — The Center for Responsible Lending (CRL) today proudly introduced a direct competitor to payday loans -- the short-term, small denomination loans Americans have been successfully using for nearly twenty years. The product, to be called "The Rumpelstiltskin Loan" allows consumers to borrow up to $1,000 for a period of two weeks, with interest rates at a fixed 36% APR. The product's pilot program will roll out in Ohio this month.
