3 ms·
That's less than 1% over one week. The APR would closer to 15-20% (depending on salary, pay frequency, etc.).
by dboyd 11y ago
That's less than 1% over one week. The APR would closer to 15-20% (depending on salary, pay frequency, etc.).
- rory096 11y agoYes, but ed's statement still stands. Payday loan APRs often reach into the hundreds of percentage points. https://www.scc.virginia.gov/bfi/files/pay_guide.pdf https://www.scc.virginia.gov/bfi/files/pay_guide.pdf http://www.in.gov/dfi/2366.htm http://www.in.gov/dfi/2366.htm
- chetanahuja 11y agoI've answered with an EDIT in my GP comment to keep it in one place.
- sopooneo 11y agoI'm inclined to believe you, but how would you something something close to 15-20%? For 1 week: 3 / 360 = 0.8% For 52 weeks: (3 * 52) / (360 / 52) = 0.8% Or is it that Even is holding on to effectively a weeks worth of pay at all times, and we're calculating interest based on $360 of principal? Or is compounding coming into play somewhere?
- chetanahuja 11y agoSee EDIT: on the GP comment.
- deleted 11y ago[deleted]