3 ms·
> a 1000% interest loan would certainly not be reasonable. Some payday loans calculated APR is in the high hundreds of percentages (like 600%+). Lenders are o
by sageikosa 13y ago
> a 1000% interest loan would certainly not be reasonable.
Some payday loans calculated APR is in the high hundreds of percentages (like 600%+). Lenders are often required by law to report the APR even though the terms of the loan may only be for a few weeks worth of time, causing the inflated APR.
Payday loans, however, are generally held to be enforceable contracts.