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You might clearly know that your credit card provider charges a fixed annual interest rate of say nineteen percent, but payday loans are advertised a little differently. Instead of telling you the rate first, they tell you the dollar amount of borrowing. For example, its common to see ads that will say borrow three hundred dollars for two weeks for 69. What you might not realize is that a cost of borrowing 300 for two weeks for 69 is the equivalent of a 599. 64 percent interest rate.
Heres how to figure that rate out: Take the cost of borrowing which is 69, great american cash advance hattiesburg ms divide that by the amount borrowed which is 300. This gives you the interest rate for the period of the loan. This simple interest rate is twenty-three percent. Now you have to convert that into a simple annual rate.
Your Loan, Your Business. We recognize a personal loan is a private matter. Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much needed family vacation, basic home improvements, etc.
Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender.