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Installment loans from nonbank providers routinely have “precomputed,” instead of “simple,” interest

Installment loans from nonbank providers routinely have “precomputed,” instead of “simple,” interest Precomputed interest means the re payment schedule, such as the level of interest due, is determined at that time the loan is given, therefore even when a debtor makes very early re re payments, the total interest charged doesn’t alter. 18 in comparison, […]