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To figure out the simple annual percentage rate, we need to multiply 22 percent per ten days by the merchant cash advance broker commissions of ten day periods in a year, which is given by 365 days divided by ten days or 36. Now, we simply take twenty two percent and multiply by 36. This gives us a simple annual percentage rate of 803 percent. So borrowing two hundred dollars for forty four dollars over ten days has an annual percentage rate of 803 percent.
And now you know how to calculate the annual interest rate equivalent on a short term payday loan before you take a payday loan. Click here to get a us credit loan from a trusted source. Make sure you do your calculations first, if you need to understand the amount of interest youll be charged per year. Of course, payday loans are not meant to last for a year.
You are advised to repay your payday loans the soonest possible and take these kind of loans whenever you are in a real need.
Lender-approval and loan terms will vary based on credit determination and applicable state law - they may offer loans with fixed rates from 6 to 35 APR. The lender's approval process may take longer due to additional documents being requested. © 2017 Solution Loans. All Rights Reserved. Were Committed To Service, Speed Security.
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Online Payday Loans Application. Facing a financial emergency. Get the fast cash you need by applying for payday loans online. Our application process for online payday loans is simple and easy. You just have to submit this application form by entering all the required information.
Once your application is approved, money will be directly transferred into your bank account.