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Personal loan
These Scary Reasons Will Make You not to Take Loan Again
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[QUOTE="Alexandoy, post: 210789, member: 25510"] I think you made a mistake in the interest rate. The daily interest rate means you are computing the interest on a daily basis. For example the loan is 10,000 with a daily interest of 10% for easier computation, just in one day the loan will be 11,000 already. If the daily interest rate is compounded then on the 2nd day your loan will be 11,000 plus 10% of 11,000 which is 1,100. Anyway, I agree that the interest rate will depend on the lender. For an individual lender that is not a company the usual interest rate here is 20% per month although lately, may be due to the pandemic, the interest rate of individual lenders are only 10% per month. Whether it is 20% or 10% per month that is still usurious that can kill the goose that lays the golden egg, so to speak. The advantage of taking a loan from an individual lender is the quick release of money and more often there is no collateral involved (for small personal loans only). But a loan is still an obligation whether the money came from the bank or not. As much as I can, I do not want to have a loan now. [/QUOTE]
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These Scary Reasons Will Make You not to Take Loan Again
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