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If that's illegal then howcome Africa Bank and People's Bank microlending departments are still in existance?maxxis wrote:Exactly. At 43% you are bound to en up paying more in interest than the capital
Take the following
R100000 over 54months at 43% interest
Capital : 100000
Interest Paid : 128939.43
= Illegal.
I used to work in the microlending dept for People's Bank and i can tell you that 40% interest is one of the better rates they give. I'm pretty sure i saw over 50%