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Licensed little loan corporations or signature loan firms can charge twenty four to forty eighth annual interest, and that they could allow you to make payments in monthly installments. this will be a more affordable alternative. for example, if the interest rate is 365 days and you borrow $500 and make monthly payments for four months till it's paid off, the total interest you will have paid is $38.04. However, if you borrow a similar $500 from a payday loan company, and renew it each two weeks for those four months, you may have paid around $700 in interest and fees, assuming the fee is $17.50 per $100 that you simply borrow.
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