Personal Finance Advice and Commentary

Monday, November 08, 2010 2:09 pm
By Marcie Geffner · Bankrate.com

Would you pay $2.50 to borrow $20 for one day? A week? A month? Perhaps if you were desperate enough, you would. But do the math and you’ll figure out that a $2.50 fee on a $20 loan for 30 days works out to an annual percentage rate, or APR, of about 150 percent. Cut the term