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In reply to the discussion: I need money somewhat fast... what to do? [View all]Ms. Toad
(34,057 posts)58. My point is that the rates are usurious - 3-400%.
When you get cash on a credit card, you are typically charged interest from the date of the charge (rather than having up to a month grace period). BUT the additional "fee" you are paying is the interest at the rate your credit card charges (typically less than 30% per year) - nowhere near the typical payday loan rate of 3-400% per year.
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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