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.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Why choose MoneyMe. You get more with MoneyMe. Cheaper loans tailored to your credit profile and history. 5 minute application.
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FLEX Loan FAQ. What do I need in order to get a FLEX Loan.