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DUDE ?
Lv 5
DUDE ? asked in Business & FinanceCredit · 8 years ago

Can someone explain a typical payday loan math to me ?

I want to borrow 300 dollar . Here a example at from a site .

"A representative example: With a minimum 14 day loan term (regardless of early loan payoff), we estimate that the fees and finance charges offered by members of our lending network range from $12 per $100 borrowed each 14 days (two weeks) up to $30 per $100 borrowed each 14 days (two weeks). The corresponding Annual Percentage Rate (APR) for this estimated range would be between 391.07% and 782.14% "

If it take me 9 days to pay off . That would be 36 x 9 = 324+300 = 624 dollar money repay . That insane ... my math much be wrong, I need help .

2 Answers

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  • ?
    Lv 7
    8 years ago
    Favorite Answer

    WTF?

    $30 per hundred. 3 hundred. 2nd grade math.

  • wg0z
    Lv 7
    8 years ago

    just triple the 12 and 30 figures, because you want to borrow 300 rather than 100.

    Payday loans are legal financial rape. I STRONGLY recommend you STAY AWAY.

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