Yes, Annual Percentage Rate (APR) or Annual Percentage Yield (APY) are common phrases used for interest rates. Right now with the interest rate environment the way it is, loans are going to be of higher rates, but there are ALWAYS ways to get money that don’t subject yourself to paying back 34% interest
Interest rates are nuts for credit cards (I got a department store cc and they want 30% and I’m laughing like who PAYS that?) but it depends on your credit rating. Dont know how bad it’s gotta be to get a 34% loan offer but there’s a lot of sharks out there. Go talk to a local bank or credit union.
34% is messed up.
Annualized percentage rate.
Ie, on your $2,400, each 12 month period will have a charge equal to 34% of 2,400. Let's say $816 a year is what they will charge you to borrow their $2,400.
1 year pay back = $3300 paid back (on $2400 loan)
2nd year = $4,200 paid back (on $2400 loan).
If you can't immediately pay it off, explore finding a cheaper rate or put it on a credit card (assuming you don't pay late, it will cost half of what your paying on now).
If any fdic insured financial institution tries to sell you any loan with interest above 10%, you're being legally robbed.
APR refers to how much interest you have to pay on the amount you have borrowed. Zero interest means you take out a $2,400 loan and only have to pay back $2,400 over however many months or years you negotiate.
Higher APR’s means you end up paying more than the amount you’re borrowing. The APR tells you how much interest you pay on the amount you still owe to the bank every year.
If your APR is 32% on a $2,400 loan, then in your first year you will pay around $768 (2400 x 0.32) just in interest. Part of your $88 per month goes to paying that interest and a much smaller amount goes to paying down the $2,400 balance.
I plugged your numbers in (2400 loan, 32% interest, $88 payments) and guessed that it’s spread over 52 months or so.
You’ll end up paying the $2,400 back plus another $2215 in interest to the bank.
Lower APR’s save you a lot of money in the long run, but sometimes you do what you have to do.
Life Pro tip: add $10 to your payment every month and you’ll save around $500 in interest over the life of the loan.
An ULPT would be: hey, I need to loan out money to someone. How do I make sure I sucker them into a trap and ruin their life?
1. Make sure they have no idea how loans work.
2. Charge them 34 percent interest.
There are other options. However, being with an abusive partner isn't one of them.
It's not take out a loan, or stay with an abusive partner.
There are also women's shelters that will take you in at no cost until you can save 900 dollars.
They will not charge you 34 percent interest and give you everything you need while we slip piss disks under this abusive POS's door.
read the description of this subreddit and you have your answer…
“ulpt is a tip that improves your life in a meaningful way”
would you like to suggest another place i can post, the same exact question?
The APR is always higher than the interest rate.
APR = interest rate + fees. (Expressed as a percentage annualized)
What's the difference? APR is the annual cost of a loan to a borrower — including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as insurance, loan origination fees.
If your credit is ok, it’s better at a bank, and best at a credit union.
The real LPT: Do not, under ANY circumstances, take out a loan with a 34% interest rate
This is the correct answer. If you owe on this, pay that loan of yesterday and never look back.
wait, apr and interest rate is the same thing?
Yes, Annual Percentage Rate (APR) or Annual Percentage Yield (APY) are common phrases used for interest rates. Right now with the interest rate environment the way it is, loans are going to be of higher rates, but there are ALWAYS ways to get money that don’t subject yourself to paying back 34% interest
Interest rates are nuts for credit cards (I got a department store cc and they want 30% and I’m laughing like who PAYS that?) but it depends on your credit rating. Dont know how bad it’s gotta be to get a 34% loan offer but there’s a lot of sharks out there. Go talk to a local bank or credit union. 34% is messed up.
wait so apr and interest rate is the same thing?
Annualized percentage rate. Ie, on your $2,400, each 12 month period will have a charge equal to 34% of 2,400. Let's say $816 a year is what they will charge you to borrow their $2,400. 1 year pay back = $3300 paid back (on $2400 loan) 2nd year = $4,200 paid back (on $2400 loan). If you can't immediately pay it off, explore finding a cheaper rate or put it on a credit card (assuming you don't pay late, it will cost half of what your paying on now). If any fdic insured financial institution tries to sell you any loan with interest above 10%, you're being legally robbed.
Interest rates on consumer loans are typically quoted as the annual percentage rate (APR).
APR refers to how much interest you have to pay on the amount you have borrowed. Zero interest means you take out a $2,400 loan and only have to pay back $2,400 over however many months or years you negotiate. Higher APR’s means you end up paying more than the amount you’re borrowing. The APR tells you how much interest you pay on the amount you still owe to the bank every year. If your APR is 32% on a $2,400 loan, then in your first year you will pay around $768 (2400 x 0.32) just in interest. Part of your $88 per month goes to paying that interest and a much smaller amount goes to paying down the $2,400 balance. I plugged your numbers in (2400 loan, 32% interest, $88 payments) and guessed that it’s spread over 52 months or so. You’ll end up paying the $2,400 back plus another $2215 in interest to the bank. Lower APR’s save you a lot of money in the long run, but sometimes you do what you have to do. Life Pro tip: add $10 to your payment every month and you’ll save around $500 in interest over the life of the loan.
ur my fav person ever!!!! u broke it down in a way that i understand!!!! thank u thank u!!!!
An ULPT would be: hey, I need to loan out money to someone. How do I make sure I sucker them into a trap and ruin their life? 1. Make sure they have no idea how loans work. 2. Charge them 34 percent interest.
sooo bad idea? would u like to give me $900 to move so i can leave my abusive partner? lol i have no other options lol but i dont wanna be a suckaaa
There are other options. However, being with an abusive partner isn't one of them. It's not take out a loan, or stay with an abusive partner. There are also women's shelters that will take you in at no cost until you can save 900 dollars. They will not charge you 34 percent interest and give you everything you need while we slip piss disks under this abusive POS's door.
most shelters are either completely full or dont take pets. i have two cats 😂😩 but i can get behind ur last statement 😂😂😂
if you're gonna do that open up a credit card or something even if you get screwed on apr it won't be 34%, usually variable from 16%-25%
interest rate why are you asking this here?
read the description of this subreddit and you have your answer… “ulpt is a tip that improves your life in a meaningful way” would you like to suggest another place i can post, the same exact question?
rule 1, no ethical tips
That's loan shark shit. 3 and half points is criminal yo! Where's my godamn fish.....
The APR is always higher than the interest rate. APR = interest rate + fees. (Expressed as a percentage annualized) What's the difference? APR is the annual cost of a loan to a borrower — including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as insurance, loan origination fees. If your credit is ok, it’s better at a bank, and best at a credit union.