2006-09-23 17:40:53 · 10 answers · asked by jeannie r 1 in Local Businesses ➔ Other - Local Businesses
At 1% compounded daily you would have to pay back a total of nearly $1500............you are paying more than $10 per day for the money.....pay it back earlier if you can...you'll save a lot of money........
2006-09-23 17:47:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Wow, 365%, actually that is rather low for a payday loan. Most places charge upwards of 400%. I worked in the business for 8 years and believe me, you don't want to do this. There are other alternatives such as Consumer Credit Counseling or local small personal loan businesses like Citifinancial or Household Finance. If you take this out you will get into a never-ending cycle. I have seen this far too many times, search for other alternatives. Once you pay it back it is too easy to get it back. You will find yourself in another bind, usually because of the loan you took out at such a ridiculous rate, and you will see no other alternative than to do the same thing. I can't stress this enough, DON'T DO IT! Good luck!
2006-09-25 17:14:40 · answer #2 · answered by mrwrinklesmom 2 · 0⤊ 0⤋
The annual rate is 365% ??? Is that right?
Payday loans are such scams. You might as well be borrowing money from a loan shark. Trying to find any other (legal) way to get the money.
2006-09-24 00:48:54 · answer #3 · answered by Funchy 6 · 1⤊ 0⤋
Then in 45 days you will need another loan for more money.
2006-09-24 00:49:20 · answer #4 · answered by Snaglefritz 7 · 1⤊ 0⤋
45 days and 365% annual rate?! Are these guys loan sharks?!
2006-09-24 00:48:47 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Is that what they want to charge you 365% annual rate? WOW. Such a bad deal. You must need the money huh?
2006-09-24 00:42:58 · answer #6 · answered by Anonymous · 1⤊ 0⤋
you got something wrong, that is impossible.....it would be illegal Maybe they are charging like 1% compounded daily....about $1200 in 45 days, for a total of $2200 for a $1000 loan
2006-09-24 00:43:57 · answer #7 · answered by crazydavythe1st 4 · 0⤊ 1⤋
You better see a loan shark. Their rates are far cheaper!
2006-09-24 05:10:37 · answer #8 · answered by cork 7 · 1⤊ 0⤋
that is called usury and it should be illegal. stay away from those places, you will dig yourself a hole that you can never get out of.
2006-09-24 00:49:33 · answer #9 · answered by slippie 4 · 2⤊ 0⤋
steer clear of those places....you lose, every time.
2006-09-24 00:44:25 · answer #10 · answered by fn_49@hotmail.com 4 · 1⤊ 0⤋