The annual percentage rate, or APR, is based on: the amount of money you borrow the monthly finance charge or interest rate how much you pay in fees how long you borrow the money. Amex personal loan status Example.
You need to borrow 500. You will repay the money in one year. You compare the costs of borrowing that money: The bank or credit union has a loan with an APR of 7. 5 You will pay 21 in interest A credit card has an APR of 20 You will pay 56 in interest A payday lender has an APR of 390 You will pay 1,518 in interest. What happens if I cant pay the lender the money I owe.
If you cannot pay the lender the money you owe, you borrow the money for two more weeks. This is called a rollover, or rolling credit inc payday loans the loan.
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