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35% in the old days they used to call these people loan sharks.. now they are called 'lenders'

2007-03-06 05:03:18 · answer #1 · answered by Tapestry6 7 · 0 0

I believe in Canada anything over 60% is considered illegal. So what pay day loan companies or loan sharks will do is quote a smaller interest but add on an admin fee which ineffect raises the rates back up again. It's all smoke and mirros to basically stiff you with huge interest payments

2007-03-06 05:25:36 · answer #2 · answered by Anonymous · 0 0

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