Do not do business with the "Cash Store" or any other business of this type.They are freely willing to offer loans and don't require a credit check, but what they don't tell you is they will charge you an APR of over 600%.
No, that is NOT a misprint...600%! Even the credit card companies don't charge a default rate over 35% APR.
This type of activity is worse than a credit card scam and should be reported to government agencies. If you want to do this kind of business, fine, but charge approximately what a default rate on a credit card is, which ranges from 24.99% to 34.99%.
If you want to be on the high end, ok, but 611.72% is WAY above that.For a $100 loan, you are paying back $711.
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