It was probably common but these are typically short-term “payday loan” type deals that you’re expected to pay back in a week or two. 400% APR comes out to 7.69% per week.
These things are an absolute trap because if you don’t have $300 or whatever to cover your bills this paycheck, you definitely aren’t going to have $380 two weeks from now to pay it back and that’s precisely where you get steamrolled.
It was probably common but these are typically short-term “payday loan” type deals that you’re expected to pay back in a week or two. 400% APR comes out to 7.69% per week.
These things are an absolute trap because if you don’t have $300 or whatever to cover your bills this paycheck, you definitely aren’t going to have $380 two weeks from now to pay it back and that’s precisely where you get steamrolled.