540percent per 12 months: this is the rate of interest You Pay On an online payday loan
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Customer loan apps recharging a staggering rate of interest of 36 percent or even more each month have already been banned on Bing Enjoy Store, based on a study because of the Wall Street Journal (WSJ) on October 13. More often called pay day loans, customers can borrow smaller amounts of INR 5,000 to INR 1 lakh for a quick amount of 30-60 times.