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this post was submitted on 20 Aug 2023
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Asklemmy
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Loan interest.
Specifically, compounding interest. I have no problem paying something extra back if I need to borrow a sum of money, but it should be a flat, fixed fee calculated as a percentage of the amount borrowed, up front.
Compounding interest is bullshit.
If it's a flat fee then it'd likely be higher. If it's compounding interest, it will automatically include any late fees if you pay on time.