What’s the APR and How is it Calculated?
It is not unusual when it comes to yearly portion prices (APR) to meet or exceed 500% and on occasion even 1000%. The apr is determined by ((principal * 365) / term) * 100. The normal APR for a cash advance or cash loan is 391%. State laws will determine simply how much an offline or online payday lender can lend and exactly how much interest they are able to charge. Read more