The Cash Store - Interest Rate Well Above Credit Card Default
Do not do business with the "Cash Store" or any other business of this type.They are freely willing to offer loans and don't require a credit check, but what they don't tell you is they will charge you an APR of over 600%.
No, that is NOT a misprint...600%! Even the credit card companies don't charge a default rate over 35% APR.
This type of activity is worse than a credit card scam and should be reported to government agencies. If you want to do this kind of business, fine, but charge approximately what a default rate on a credit card is, which ranges from 24.99% to 34.99%.
If you want to be on the high end, ok, but 611.72% is WAY above that.For a $100 loan, you are paying back $711.
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