"Can I borrow $10? I'll pay you back $11 next week."
There, you've just committed the sin of collecting 14,000% APR.
You can't compare payday loans to things like mortgage rates or bond returns. It's a market, but it's a very different niche. It's like comparing the cost of mineral water at the grocery star to the cost per gallon of your tap water.
There, you've just committed the sin of collecting 14,000% APR.
You can't compare payday loans to things like mortgage rates or bond returns. It's a market, but it's a very different niche. It's like comparing the cost of mineral water at the grocery star to the cost per gallon of your tap water.
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