Well , you might only charge that much but most of the rest charge significantly more. Seen the contracts when my wife and I helped bail one of her idiot friends out.
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I actually couldn’t believe the amount of money that charged. Hell, the mob would be cheaper.
Hi,
The maximum TN law allows is 17%. Most of the payday loan companies I know of , for competitive reasons, charge something less. (Competition is tough in the payday business) When a person goes to get a mortgage they check around for who has the best rates. People need to do the same with payday loans. Deals can be found. I let new, first time customers borrow money on their first loan for free. Borrow $200 pay back $200. All I ask is they pay it back ON TIME. If they cannot pay back a free loan on time, I think twice about continuing to do business with them. Sometimes I offer deals out of the blue, get a loan on a particular date (say June 27th) get half off on a 2 week loan.
Actually, what payday loans businesses charge are in line with other businesses....retailers that charge 300-800% mark ups. I can rent a car for $50 a day. For 30 days that amounts to $1500. For $1500 I can buy 3 brand new cars for what they are charging me to rent one car.
(I have been making replies to posts that have been made to me, but for some reason they are not making it to the forum. I am not ignoring anyone.)