A simple way of thinking of APR is how many pence it would cost you to borrow each pound, per year. So for instance at 40 APR, on each pound borrowed you would pay 40p a year.
At 400 APR, on each pound borrowed you would pay 400p or ВЈ4 a year. At 4000 APR, you would pay 4000p a year, that's ВЈ40 on each pound borrowed. Percentages are out of a 100 aren't they. How can an APR be over 100, like 4670.
An APR of over 100 just means that if you were to borrow for a year you would be charged more than 100 of the original loan. So for each pound borrowed, you'd pay more than 100p.
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The payday cash loan industry emerged in the 1990s, and quickly established itself as a major source of borrowing money in the banking world. What helped payday cash loans carve a distinctive niche for itself was being the simplest, easiest and the fastest way to acquire a short-term loan. The loans being offered are really small cash advances, which range from 100 to 1000.
They are often covered by a postdated check to be cashed on the customer's next payday. It seems that cash loan stores used to be located in the worst sections of town. With a neon sign that reads "Check Cashing" or something similar, these cash loan stores were for cashing checks for people without bank accounts. Then the payday loan shuffle happened and everybody started doing it.