The higher rates these companies pay has nothing to do with risk. In fact the loans these private lending companies make, have much, much less risk than the loans made by many banks in countries where the banks are heavily regulated by the government. Government regulated banks rely more on government insurance for their loan security rather than on sound business judgment when making loans. I am sure you have read about the numerous bank frauds in the United States. You do, with high income taxes and the low interest rates paid on your savings.
Somebody always has to pay.
The high rates private lending companies are able to receive on making very secure loans in dollars, have more to do with supply and demand for dollars in Central American countries. These countries have very high rates of devaluation in their local currency and most businesses here need US dollars to buy products from the United States, so there is a big business demand for US dollars. Dollars are scarce here, so the private lending companies can get big returns making loans in US dollars. Why, simple supply and demand. Big demand for US dollars, small supply of US dollars.