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Personal loan
Will you consider taking a loan of 60% interest rate within short term period?
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[QUOTE="Kendy, post: 215020, member: 63869"] Since the experience I had encountered because of obtaining loans from a traditional bank, I became determined that I would not take any loan be it low yielding or high yielding. 60% interest rate is too much and exploitative. I do not think that the interest rates of banks is as much as this rate. How can I take such loan or even advise anyone to do so? Taking such loans will leave you in a state of depression and you will not be able to strike an equilibrium between maximizing profits and repayment. You might even loose customers indirectly because your mindset would be influenced to hike your prices and by doing so, customers would look for a less costly products or services to patronize. Most loan companies that have such interest rates are mainly online loan apps and you will still see people trooping in despite the fact that their security details are not guaranteed. The reason most people patronize these loan apps is because their procedures of obtaining loans are less rigorous and the loan can be approved within a duration of 24-48 hours. Also, these online loan apps do not offer collateral or request for guarantors in most cases. [/QUOTE]
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Will you consider taking a loan of 60% interest rate within short term period?
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