Westland girl had 350% rate of interest on $1,200 loan — and it is allowed by a loophole Karl Swiger could not think just just just how their 20-something child somehow lent $1,200 on the internet and got stuck having an interest that is annual of approximately 350%. "When we heard I thought you can get better rates from the Mafia," said Swiger, who runs a landscaping business about it. He just heard of the loan once their child required help making the payments. Yes, we are speaking about that loan price that is not 10%, maybe perhaps not 20%.