Quote:
Originally Posted by Jel
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.
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LOL, try to feed that one to the sharks.
In most real loan shark scenarios you are only making interest payments on a weekly basis. Normally you must pay the principal amount back in full, in one lump sum. You can carry this loan on as long as you like, as long as you can continue to make the interest payments weekly, or until you can pay off the loan in full.
AND, make for absolute certain you can pay the loan back, on time every time, or that you can function without a finger, or two, or three...