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You'll find payday loans at upwards of ~1700 percent, depending on state regulations. It's pretty ridiculous.
by gmanley 8y ago
You'll find payday loans at upwards of ~1700 percent, depending on state regulations. It's pretty ridiculous.
- toasterlovin 8y agoI’m sure the default rate is also pretty ridiculous. That’s what the APR is paying for, after all.
- ianai 8y agoProbably not as much as you think. People often take out further loans to pay their payday loans. It becomes a self fulfilling system.
- toasterlovin 8y agoCan you seriously not see how tremendously high the default rate would be on a loan to someone who can’t wait the few days until their next payday? Or how high it would be if they’re using that loan to pay off another payday loan? If you could provide those loans for cheaper, there would be competitors hoovering up the free money.