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If $10 makes 5% of the total amount lent, yearly cost (APR) will 130% without compounding. This looks substantial however you need to understand that the APR is for the same cash rolled-over 26 times. In the last example, no interest was added by us. The 130% APR was solely due to fixed fee charged to get a mortgage granted for just two days. This is among the motives that are significant that APR goes that superior- the fixed fee, loan shop online. Frequently individuals are not well-ordered as they are used to bank loans.
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