Quote:
Originally Posted by Max Potential
That is way too open of a question, as it really depends on the length of time on the loan and the payback method.
Most 'loan sharks' I have ever known charge 10% per week, collectible each 7 days. So on a 5k loan, you pay $500 a week and after 10 weeks you have paid 100% in interest and still owe the principal in full. Miss a payment, lose a finger.
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This doesn't add up. 5k loan week 1 = 500, leaves 4500 week 2 = 450 leaves 4050 week 3 = 405, and so on. Not saying that isn't expensive, but you don't still owe the full amount, nor have you paid 5k, after 10 weeks.