2007-12-19 02:17:03 · 9 answers · asked by Arbo T 1 in Business & Finance ➔ Personal Finance
Well they wil let you know the interest and it wil be your choice if you would like to apply or not. If you a agree to 3 years and the total is higher then say $500 then it's not illegal because you new about it. I don't think there are loans for $100 but if there are just look to see who has the best interest rate.
2007-12-19 02:26:46 · answer #1 · answered by Yes 2 · 0⤊ 0⤋
JP is right, that type of interest is usually frowned upon in most states, however, if you know the interest rate when you sign, it would be hard for you to avoid paying it. Why dont you just get a loan from somewhere else that has a cheaper interest rate and avoid the trouble.
2007-12-19 02:26:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
By most state laws..... no. (Unless you default on the payment
then it is possible in some states.) Check with the local BBB for your laws.
BTW - Usury is the one offense that made Jesus lose his temper (throwing tables in the temple). As a Christian one shouldn't charge interest or invest in organizations that do. (that is why the Jews were the bankers back in the day and are prejudicially known as frugal or cheap now- Christians by faith could not partake in the charging of interest and therefor banking)
2007-12-19 02:31:58 · answer #3 · answered by Brewer 2 · 0⤊ 0⤋
It really depends on the local laws of where you are and the terms of the loan. In many places interest like that (assuming a short term loan) are considered usurious but aren't technically illegal.
2007-12-19 02:20:30 · answer #4 · answered by J P 4 · 0⤊ 0⤋
They can if you are stupid enough to sign the loan papers stating you will repay 5 dollars for each dollar borrowed.
2007-12-19 02:24:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes....it depends on the state laws and length of loan...though it sounds more like you are dealing with Rocco and Guido loan sharks r US
2007-12-19 03:07:44 · answer #6 · answered by Bob D 6 · 0⤊ 0⤋
That's low for a Payday loan.
2007-12-19 02:36:58 · answer #7 · answered by Henry 7 · 0⤊ 0⤋
if a peron is dumb enoght to sign on the doted line than yes -- the dumber owes the money and thay will keep coming till they get it!!! would not your if the shoe was on the other foot!!!
2007-12-22 22:30:20 · answer #8 · answered by Anonymous · 0⤊ 0⤋
why would you do that?
2007-12-19 04:45:51 · answer #9 · answered by Anonymous · 0⤊ 0⤋