PaydayAct

Payday Insider:  While surfing the web today I came across an interesting cartoon showing other short term services like video rentals, taxi cabs, and even hotel rooms quoting their prices with an annual percentage rate, or APR. The cartoon was quite funny as it showed what a person would pay for a service like movie rental if the company quoted the price based on what it would cost the person annually regardless if they used it that long or not. The cartoon was intending to show how absurd it would be to use such a calculation, but yet it’s done everyday for short term loans. It was trying to justified ...