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Personal loans for poor credit rating

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.

Personal loans for poor credit rating

These people did give me money. It aint their fault I couldnt manage it, he said. But he says the same thing that happened to him could happen to anyone. The payments are so high [for these types of loans], theres no way anyone could honestly pay them.

And anybody that dont make a whole lot of money, its gonna do them the same way. So they really shouldnt even be offered.

Personal loans for poor credit rating