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Why do payday loans get this kind of a bad rap? Frequently moments you will see damaging tales about payday loans and how they carry absurd APRs of more than 3,000%. These higher APRs nevertheless are inherently flawed. An on-line payday income progress is created for brief-expression borrowing and should not be annualized to get an interest price. Getting this same logic of the payday mortgage critics, you would estimate a hotel room for 54,000 a calendar year or get salmon for $fifteen,000 a ton. It just doesn't perform that way.