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by fleetingmoments
2325 days ago
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How do they get to an 180% annualised interest rate? Tala doesn't charge interest, it charges a flat fee of around 15%. If you don't pay on time you get charged another once-off late payment penalty. It doesn't increase after that. So if you borrow $100 and repay $115, it's 15%. If you take out another loan immediately every time you end up borrowing $1200 over the year and repaying $1380. Still 15%. |
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