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In reply to the discussion: I need money somewhat fast... what to do? [View all]Ms. Toad
(34,062 posts)17. Check the state.
They are horrendous ideas - designed to charge usurious rates to desperate people. That said, some states do cap the rates - so they are only bad, not incredibly unconscionable. Ohio caps the rate at 28% per annum, for example. BUT - - - and it is a big BUT - - - these lenders can tack on a fee that is not interest, and that is uncapped (which might well bring the rate to 300% per annum).
Count me in the never take out a payday loan camp.
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It's not 300% if you pay it back in a couple weeks (which would be required).
yallerdawg
Jul 2018
#10
There's a difference between charging something for it and charging usurious rates
Ms. Toad
Jul 2018
#49
My nephew was in a band, and ran short traveling. They got $200 in an hour asking at turnpike stop.
TheBlackAdder
Jul 2018
#23