Worth re-posting: Payday Pundit wants to shout from the rooftops…
Further to my previous post, here is a Payday Pundit post that illustrates how even award winning payday loan alternatives offered by not-for-profit agencies in the United States still amount to 252% APR:
"Even credit unions and charities could not offer payday loans under annual percentage rate caps of 24%, 28% or 36%"
posted by Advance View @ 6:51 PM
2 Comments
2 Comments:
Are you sure that 2582%?
I think it should be little lower
Financial Advisor: Are you referring to the 252% APR that was mentioned in the Payday Pundit article? If so, the post referred to a charge of $9.90 on a $100 loan. My magic APR calculator says that $9.90 on a $100 loan for 14 days equals 258% APR.
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