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540percent per 12 months: this is the rate of interest You Pay On an online payday loan

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Customer loan apps billing a staggering rate of interest of 36 % or even more each month have already been banned on Bing Enjoy shop, based on a written report because of the Wall Street Journal (WSJ) on October 13. More popularly known as pay day loans, customers can borrow a small amount of INR 5,000 to INR 1 lakh for the period that is short of days.

The yearly rate of interest on pay day loans work out a mind-numbing 540% or even more. Continue reading