Re: APR! = interest
That's exactly my point though. You are not borrowing for a year hence the comparison is meaningless.
Short term finance is an expensive form of borrowing as the lender still needs to make a return and if they where to charge a monthly interest rate nearer to a loan - say 5% - the model is even less viable than it currently is.
Note I am not defending or otherwise the underlying principle of lending money to people that can't afford it-simply removing the hyperbole attaching to interest rates.
Biting the hand that feeds IT
