This simple interest rate is twenty-three percent. Now you have to convert that into a simple annual rate. Payday loans are not allowed to be compounded continuously. To do that, we have to figure out how many of these two week period fit into a year.
Your first instinct is to think «Well, there are 52 weeks in a year, so thats 26 two-week periods. Multiply 23 for two week period by 26 to get five hundred ninety percent.
But thats not actually the exact formula used. Non leap years have 365 days, but note that 52 weeks x 7 days per week is 364. So, the exact formula requires using a.
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In business since 1968, ACE Cash Express focuses on serving consumers seeking alternatives to traditional banking relationships by gaining convenient, immediate access to financial services.
What is a Credit Services Organization (CSO) and Credit Access Business (CAB). Depending on your state, a Credit Services Organization (CSO) is a company that earns compensation by, among other things, helping consumers obtain loans from a lender. A Credit Access Business (CAB) is a type of CSO that helps people obtain payday and title loans from a lender. CSOs are not lenders and do not make loans.