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re: Just took on a client who took out pay day loans
Posted on 2/5/18 at 1:45 pm to yellowfin
Posted on 2/5/18 at 1:45 pm to yellowfin
quote:I wouldn't go that far, but using APR to characterize payday loans is just totally absurd.
People in this thread hate freedom
Using this kind of reasoning — or lack of reasoning — you could quote the price of salmon as $15,000 a ton or say a hotel room rents for $36,000 a year, when no consumer buys a ton of salmon and few people stay in a hotel room all year. It is clever propaganda.
1
Posted on 2/5/18 at 2:03 pm to HailHailtoMichigan!
quote:
I wouldn't go that far, but using APR to characterize payday loans is just totally absurd.
I don’t know. Credit card interest rates are described using APR as well, and people use them all the time for covering bills until the next paycheck (whether it’s responsible or not).
It seems to me that most people in these types of situations would use a credit card for the same purpose if it were an option, so I think the APR comparison is meaningful.
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