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Some states like Sc have placed limits on the fee amount allowed. Sc law limits this fee to 15% of the sum borrowed. If you were to look at this in a yearly APR it would be 390% interest.
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But the question that begs being answered is this: Do pay day loan companies offer a legitimate service that folks must have or is he merely preying upon people with nowhere left to show for credit options?Most of the time, a pay day loan place charges roughly $15-20 on every $100 you borrow and asks how the money be repaid in two weeks or less.
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