Postby rikosher » August 11th, 2011, 9:23 am
1% on the red bal is,,if uh borrow 10k frm dem n you payin bak 1k/month, uh payin bak 1% on 9k , den d nex month is 1% on 8k den 1% on 7k d nex month an so on na, is like d faster uh pay it out d less intrest you pay.
whereas with the banks if there intrest rates is 7%, and u borrow 10k, uh wud hve too pay bak 7% of 10k as intrest. which is abt 700$ so uh go pay bak d 10k uh borrow pluss ah 700$ intrest.
and dem stinkers dem dse hold sumting as collateral, most of the time it dse be d money in uh account.
this is my understanding off it, hope it helps , fellas plz correct me if im wrong.
