I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate, and the article stated an industry average of 10-20%.
With that aside, I don't entirely disagree with your argument.
With that aside, I don't entirely disagree with your argument.
1) Secured. I.e. I have to have whole credit line amount as a cash on CD with the same bank.
2) Annual fee is 50% of credit limit
3) standard APY 37.5% and penalty APY even higher
4) Credit line - less then $500
And I bet this one was not worst one.