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Comment of the Day

February 4, 2010 | Uncategorized | Comments (0)

Payday loans are not high-interest loans because with a two-week loan the the APR is only 1/26th as significant a factor as it is with a one-year loan. At $15-per-hundred-borrowed (391% APR) the borrower only pays 15% of the loan amount in interest, whereas with a 30-year home loan at 5% APR the borrower pays over 93%.

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