The phrase "exorbitant interest" means that the amount of money charged for borrowing is extremely high or excessive. This means you would have to pay back much more than what you borrowed. Full definition
Spending money you don't have and paying exorbitant interest rates on consumer debt may prevent you from achieving more important financial goals, such as the following: (personalfinanceinsider.com)
If you do manage to acquire some form of credit, you can count on paying exorbitant interest rates, often 40 percent or higher [source: Fragala]. (money.howstuffworks.com)
However, there are car lenders specialized in dealing with bad credit applicants that do not charge exorbitant interest rates. (badcreditloanservices.com)