200%-300% APR isn't actually that bad for a 3-4 week loan if you have bad credit (think $200 principal + $35 finance charge). For a loan of that length and that amount it's downright criminal. Compound that and add missed payment fees and you can bankrupt someone for $2.6k.
-
-
Show this threadThanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
As a person building a finance company, this is actually a really good term vs payday loans. Payday loans float around 400 to 780% The cost of lending the money is so high because the default rate is so high. You are paying for access, not for reason.
-
Not for installment it’s not. For a short term payday loan sure. For 16 months? Nope
-
Yea, absolutely. Just because they call it a payday loan doesnt mean its classified by terms, its classified by interest and intent of the product.
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.