$500 pay day loan - 400% interest rate

I fail to see the issue :)

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I dont get it someone explain with normie terms

Who is paying 14% on an auto loan?

>5k loan
>116% interest
>84 monthly payments of $486.58

What the fuck... that can't be real. For my 20k car loan at 1% I pay $350 a month. I get the math but who the fuck would be dumb enough to agree to this?

payday loans are like 30% not 400% lol what country do you live in that allows lenders to charge 400% interest?

personal finance most likely

why would you get a loan for anything? let alone a fucking gaming pc. i seriously cant tell if this isnt a troll because i wouldnt be surprised by the stupidity of some people

>borrow 5000 dollars
>pay back 40,000 dollars
And (((they))) wonder why anti semitism is a thing, when they're the kings of usury

>$200k mortgage

That gets you half of a one bedroom apartment in a shit area of Sydney. Thanks.

People with no other options

Poor people are more likely to default on loans. A higher default risk results in a higher default risk premium which results in a higher interest rate. Also, some people are retarded and don't even look at/think about the interest rate when they take out a loan. Some firms exploit this by having insane interest rates on loans with low/no approval requirements.

loans are situational
I've had to get a few in certain times because there was no other option. always paid back imminently to minimize interest repayments.

without credit we would still be living in mud huts
the entirety of modern civilization is built upon it. you live breath sweat and bleed to pay back debt that was racked up by the government before daddy nutted yourself into yo mommas cunt

Also, the costs of lending money (for the lender) don't scale linearly with the size of the loan. The costs of lending $500 to a bad customer can sometimes be higher than costs of lending $10k to a good customer. This increases the interest rate on bad loans too.

Its almost like percentages scale with the amount they relate to so the more thats loaned the less the percentage has to be. Idk man ill have to check back with you on that, i still havent finished 5th grade maths

>20,000 car loan - 14% interest rate

Yeah no, I dont think so TIM!

Anyone that has any business buying cars better be getting under 4% for used and under 3% new.

That’s native Americans backing that loan, son.

It wasn't enough that we let them run fucking CASINOS (read: free money factories) so they literally Jew harder than any Jews ever have.......

I dont feel bad about the rampant alcoholism.

This particular one yes I know but most usury is run by (((them)))

Talk about scalping, yikes

>high risk unsecured loans - high interest
>low risk secured loans - low interest

Truly baffling.

>what is collateral

Who is the roastie

>not getting 2.0 to 2.5% cashback
alliantcreditunion.org/bank//#filter=credit-cards

Lol

Oy vey!

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or almost like people who are more trust worthy are able to get a lower interest than everyday people.

>Living in a overpriced pozzed city full of foreigners
>Not buying a dilapidated building and rehabing it yourself

This thread is about being not financially retarded friend.

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