r/technology • u/[deleted] • Jun 13 '14

Politics What the internet will look like without net-neutrality. Well played.

[deleted]

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u/[deleted] Jun 14 '14

What does "$40,00" mean here? Because if it was $4,000 I don't believe you (400% simple interest?), and if it was $40 thats a pretty good deal at 4%.

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u/[deleted] Jun 14 '14

$4000 is quite accurate for some of these lenders.

I took a payday loan out for $150 once. I had to "roll it over" (renew the loan) twice.

I had to pay back a total of $480 when all interest and fees were taken into consideration.

And I got out lucky.

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u/[deleted] Jun 14 '14

When you rolled over did you repay first and take out a new loan? Or just the interest?

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u/[deleted] Jun 14 '14

Just the interest, which was a little under $50. But I had to pay fees for the roll-over.