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540% per year: That is the Interest Rate You Pay On a Payday Loan

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Consumer loan apps charging a staggering interest rate of 36 per cent or more per month have been barred on Google Play Store, according to a report by the Wall Street Journal (WSJ) on October 13. More commonly known as payday loans, consumers can borrow small amounts of INR 5,000 to INR 1 lakh for a short period of 30-60 days.

The annual interest rate on payday loans work out a mind-numbing 540% or more. In comparison, the steepest interest rate charge is on credit card loans, which comes to be around 40% per year. Continue reading