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Using APR on a maximum $50 3-month loan IS misleading. To compare that to a home mortgage hides all sorts of fees that the lender is able to cover because of th
by unreal37 13y ago
Using APR on a maximum $50 3-month loan IS misleading. To compare that to a home mortgage hides all sorts of fees that the lender is able to cover because of the profits they make from interest.
At the small scale, those fees have to be paid by the borrower, making APR a poor metric.