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How much would you pay to borrow $100?
#11
I could see paying 120 dollars if you really needed to, but it would not be something I would readily agree to. I just think that there are better options available then having to get an extra third in interest.
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#12
Well, it does depend on why I would need the money. In some sort of emergency situation, I would be willing to pay 150 +. Otherwise, I think a fair price would be anywhere from 105 - 120 $.
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#13
I think the fair price would be 10% of the borrowed money. But it also depends on how long will you pay for it. It can be of 12 months or 24 months and so on. The interest should also increase depending on the date due for it to be paid.
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#14
Well, I'd borrow $100 only if I'll have to pay $115 at most. I think that would be fair enough, $110 would be better though. Anyway, are you planning to lend us that amount that's why you asked us that question? If yes, let me be the first on your list...hehe, just kidding.
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#15
(01-13-2018, 07:31 AM)Sase3119 Wrote: It depends a lot on the circumstances.
$110? - absolutely.
$120? - probably.
$130? - if I'm desperate, sure.
$140? - ugh, now it would have to be DIRE circumstances
$150? - life or death only.

Yes brother, really true if you have no choice, even if it is have big interest you will Barrow money.

That's loaning is sick sometimes because they abuse some cases like that.
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#16
(01-14-2018, 04:49 AM)leeyong88 Wrote: Well, I'd borrow $100 only if I'll have to pay $115 at most. I think that would be fair enough, $110 would be better though. Anyway, are you planning to lend us that amount that's why you asked us that question? If yes, let me be the first on your list...hehe, just kidding.


Haha. No I find all the opinions fascinating on this subject.

Small loans are a real issue because of so many reasons. Anyone who needs to borrow $100 is desperate. Banks generally do not loan such small amounts because the costs are too high for the amount they can earn and the default rate is very high.

Some of the responses in this thread surprise me because they are willing to pay more than what most payday lenders charge. I think the average charge in the US is $15 per $100 borrowed.

Now, that said, $15 per $100 borrowed is almost 400% APR!!! Many articles are written about how unfair this is and it is predatory lending. But, consider this for a moment....

If you go out to dinner, and you have a $100 bill, you would leave an 18% tip minimum. That is in fact more than a payday loan!!! If you calculate and APR on the top, it is more than 400%!!!

I am not advocating for or against payday loans, I just find the subject very interesting. (And complicated)


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#17
(01-13-2018, 07:31 AM)Sase3119 Wrote: It depends a lot on the circumstances.
$110? - absolutely.
$120? - probably.
$130? - if I'm desperate, sure.
$140? - ugh, now it would have to be DIRE circumstances
$150? - life or death only.

Exactly what I am thinking! Smile There are factors that we all should look up to before concluding if an interest is too much. If you are in a situation that a 100$ will save your life, aren't you willing to pay them back double or triple it's original amount??
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#18
(01-14-2018, 11:00 AM)Michael Puttman Wrote:
(01-14-2018, 04:49 AM)leeyong88 Wrote: Well, I'd borrow $100 only if I'll have to pay $115 at most. I think that would be fair enough, $110 would be better though. Anyway, are you planning to lend us that amount that's why you asked us that question? If yes, let me be the first on your list...hehe, just kidding.


Some of the responses in this thread surprise me because they are willing to pay more than what most payday lenders charge.  I think the average charge in the US is $15 per $100 borrowed.

Now, that said, $15 per $100 borrowed is almost 400% APR!!! Many articles are written about how unfair this is and it is predatory lending. 


Yes, Michael, but in your first post you have forgotten to mention when the money is due to be repaid. Based on what you're saying now, I understand you'd meant that the amount must be payed off in two weeks time. Which would make it a payday loan. I'm sure some of the posters here thought that they could pay off the money in a month/couple of months or whenever, which changes the whole picture.
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#19
I'll go for $110.00. I'm willing to pay $10.00 if i borrow $100.00. I think that is the most logical way if you borrow some money to compensate the loss of lender. Well, it really sucks if you really need some cash. I think anyone would pay for 10% interest of something like that if anyone lend you some cash, but ofcourse, paying without any additional cost is what I will avail. LOL! If someone will lend me some cash and no interest. Yeah! I will accept it. haha.
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#20
(01-14-2018, 07:40 PM)chikatilo Wrote:
(01-14-2018, 11:00 AM)Michael Puttman Wrote:
(01-14-2018, 04:49 AM)leeyong88 Wrote: Well, I'd borrow $100 only if I'll have to pay $115 at most. I think that would be fair enough, $110 would be better though. Anyway, are you planning to lend us that amount that's why you asked us that question? If yes, let me be the first on your list...hehe, just kidding.


Some of the responses in this thread surprise me because they are willing to pay more than what most payday lenders charge.  I think the average charge in the US is $15 per $100 borrowed.

Now, that said, $15 per $100 borrowed is almost 400% APR!!! Many articles are written about how unfair this is and it is predatory lending. 


Yes, Michael, but in your first post you have forgotten to mention when the money is due to be repaid. Based on what you're saying now, I understand you'd meant that the amount must be payed off in two weeks time. Which would make it a payday loan. I'm sure some of the posters here thought that they could pay off the money in a month/couple of months or whenever, which changes the whole picture.

Thanks for pointing that out. I forgot to mention the term of the loan. I would simply say it should be paid back as soon as possible, maybe one month? Not 2 weeks (unless you have the money already).
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