It just gets far worse after that… as soon as you begin looking in the documents or talking to the product product product sales staff, you notice that your pay day loan shall price only $15 for every single $100 which you borrow. That does not appear that bad. But what’s this other quantity? This “APR” of 400%? The payday lender informs you to not be concerned about it. He states, “APR does not matter. ”

Well, let’s simply interrupt this hypothetical to share with you this… When you’re borrowing cash, the APR does not just “matter”, it is the single most critical quantity you should know.