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The actuality is always that many of these borrowers cannot repay on time and in addition they are forced to pay the eye and take out another loan to pay for the principle. And they pay dearly for this. Currently the average borrower in South Carolina takes 10-15 loans to payoff their original loan amount.billfloat desktop site - Need up to $1500 in 1 Hour?. No Credit Check, No Paperwork. 60 Second Approvals. Act Now.
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Some states like South Carolina have placed limits about the fee amount allowed. South Carolina law limits this fee to 15% of the sum borrowed. If you were to look at this in a yearly APR it would be 390% interest.
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