answersLogoWhite

0

Why do pay day loan places charge so much interest?

User Avatar

Manley Rogahn

Lvl 10
4y ago

Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Why do pay day loan places charge so much interest?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How much interest can you charge in NJ for a personal loan?

20%


How much interest can be put on a 1400 loan?

In many countries there are no limits on what loan sharks can charge.


Can you make a personal loan without charging interest?

It's your money, you can pretty much do what you want with it (there are a few exceptions). But sure, you can make a personal loan and not charge interest.


How much is interest on a 1700.00 loan at 36 percent interest charge?

That depends on how long it takes to repay the loan. If you repay the loan in one go at the end of 12 months you would pay 612.00 in interest plus the loan of 1,700.00 a total of 2,312.00


Where can one calculate the true cost of a loan?

There are many places which will allow you to calculate how much a loan will cost you. Most of the time, the loan provider will give you documentation with how much the actual loan will cost you considering the loan's interest rate and the monthly payments you have chosen.


How much does payday cash loan charge for accepting a loan?

The rate that a payday loan business would charge is different between the individual businesses. Some have flat fees, whereas other businesses charge interest rates. Check around before accepting a pay day loan as some of the fees can be exorbitant.


How much interest does Cash Net USA charge?

The interest that Cash Net charges depends on the amount of the loan (how much you borrow, i.e., $100 vs $1000) and the duration of the loan (for how long you borrow, i.e., 1 week vs 1 month).


How much does Payday Advance Cash charge for interest?

A payday loan, also known as cash advances, is a short term loan. The interests are very high and can reach 15 percent a week. The loan consumer normally turn on this type of loan when he is nor capable of getting a low interest load.


How much would your finacnce charge be if you had to pay each month on a 1000 balance?

The finance charge would depend on the interest rate and the number of months it will take you to repay the loan.


Where is the best place to get a bridge loan on your mortgage?

There are several places to get a bridge loan on your mortgage. Any bank or mortgage company will sell you a bridge loan, but remember they always have a much higher rate of interest.


How much interest do commercial loans charge?

Commercial loan interest rates depend on which bank you are dealing with and your credit history. You can expect to pay anywhere from 3% to 10% per year.


How much is the interest rate on 14289.00 at 3.5 percent for five years how much will you pay in interest on a loan?

The interest rate is given in the question. It is 3.5%.The amount of interest paid on the loan depends on how much of the loan (if any) is paid back during the period of the loan. If there are no interim payments, the total interest at the end of 5 years is 2681.85 approx.