2 interest rate (15 APR). Disclaimer: A typical APR from our network of banks and lenders ranges from a minimum of 15 to a maximum of 20 with minimum loan term of 12 months to a maximum loan term of 36 months and no application fee.
The example above only includes interest and principal payments and is true only for this example. Different loan amounts via samco cash loans lenders and banks within our network may result in a different comparison rate and may require an application fee.
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Heres how samco cash loans figure that rate out: Take the cost of borrowing which is 69, and 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. Payday loans are not allowed to be compounded continuously. To do that, we have to figure out how many of these two week period fit into a year. Your first instinct is to think «Well, there are 52 weeks in a year, so thats 26 two-week periods. Multiply 23 for two week period by 26 to get five hundred ninety percent.
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Spotloan is a better way to borrow extra cash. Its not a payday loan. Its an installment loan, which means you pay down the principal with each on-time payment. Borrow 300 to 800 and pay us back a little at a time.