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What is the interest rate on payday loans in your country?
#11
Interest is customized based your income. Providing that your have little collateral your interest increases, However a large income also yields a large high rate .
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#12
Payday loans are not very popular in my country. I believe the interest rate is around 10 - 15 % monthly, although I'm not 100 % sure since I never felt the need to take one myself.
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#13
In our country i think its 12% but its not sure. In our country it depends on your sallary and income what you will your rate so if you paid low and the rate is low and when you paid higher the interest will go higher too.
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#14
(01-22-2018, 10:29 AM)alexd Wrote: Payday loans are not very popular in my country. I believe the interest rate is around 10 - 15 % monthly, although I'm not 100 % sure since I never felt the need to take one myself.

If it's between 10-15% per month, then I would have to say that the interest is really quite high, which is a normal thing when payday loans are involved. However, I have to admit that it is really cheaper when compared to what is obtainable here where one can pay as high as 1-2% interest rate per day on a payday loan and you won't feel the impact till you see the huge interest that is on it on a yearly basis. 
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#15
(01-26-2018, 03:44 PM)gamingadict Wrote: In our country i think its 12% but its not sure. In our country it depends on your sallary and income what you will your rate so if you paid low and the rate is low and when you paid higher the interest will go higher too.


Interesting. I would have thought that the opposite would be true. Small salary means that the borrower has a bigger chance of having a hard time repaying the loan, which makes it a high-risk loan to the lender. Don't lenders  generally secure high-risk loans with a higher interest rate?
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#16
In my country it depends in the company I use payday loans sometimes but not at all, payday loan for me is for emergency only and I don't care if the interest is to high.

If the person is to desperate they don't care about the interest.
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#17
In my country payday loan is popular but there's a twist, they don't get it from the banks. Instead they apply for payday loan either with on a friend, an individual who offers pay day loan with lower interest or they go straight to the loan sharks. The reasons why people here in my country people often choose to have loans outside the banks because here in my country the banks offers as high as 20% interest rate and as low as 15% every payday loan ( sometimes it depends on the bank). I believe it's more a cultural thing that made the people in my country not to trust banks.
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#18
(01-10-2018, 03:42 PM)chikatilo Wrote: I think it would be interesting to compare interest rates on payday loans in different countries. This way we can see which country provides the best terms when it comes to loaning. 

I live in Bulgaria (Eastern Europe) and during the last 5 years the competition among payday lenders is tremendous. Every lender is trying to win more borrowers on their side. That's why the latest trend in payday lending is to offer 0% interest rate on the first loan. I have personally taken such loan and indeed I payed off the amount I had taken, nothing more.

If you want to take a second loan, then there's an interest rate. The government capped this interest rate at 20% per month. However the competition is so big, that you can easily find payday lenders who offer loans with 3% (!!!) interest rate.

That's in Bulgaria. What is the interest rate of payday loans in your country? Has your government capped it?
Very well said in my country it depends on company or bank you loan, but sometimes many people doesn't care the interest if they need money or they had an emergency.

Even me I admit if I have an emergency I don't care if the interest is to big.
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#19
My country is the worst place on earth,to take a loan. The interest rates are extortionate. The interest rates are 14.95% and higher. If you buy a house costing 150,000 dollars. You end up paying almost a million dollars in interest alone. The monthly repayments are really high. In a recent survey it was said that only 1 percent of the country can afford a mortgage. That's how bad the situation is. So our interest rates are really high.
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#20
It depends on the company or institution that provides the loan. On average, it falls between 10 to 20 percent per month in here. Additional interests will be given per day i think after a month or if failed to pay within the coverage of that percentage. Maybe about 1 percent to 2 percent per day will be added to the principal amount and interest.
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