And as far as 1.16, thats not the true cost of their loans. when you add upsell commissions from broker, and, other ancillary fees they charge to do loans, its always much higher. the "interest" on the loan may be 16% on a shorter term, but the fees quickly bring the overall cost. simply review a loan agreement with the section of "fees" - as a matter of fact, the more i see some of these advertisements for loans at those rates, you quickly discover the majority carry addtl fees like origination fees, etc.