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In these products, the stated interest rate is often low, but when you factor in fees the effective interest rate is astronomical. Fees are also why payday loa
by dannypgh 8y ago
In these products, the stated interest rate is often low, but when you factor in fees the effective interest rate is astronomical.
Fees are also why payday loans can be attractive over real banks - a payday loan is likely cheaper than a checking account overdraft.