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Nobel Prize winner Prof. Yunus's Grameen Bank takes 35% interest for their loans. How to stop them? |
They call it service charge. Neither a borrower or a lender be. They say not to borrow at usury in the bible which means interest Source(s): the bible Don't take out a loan there. Uh, don't borrow money from them? If you don't like the fees - don't use the bank. Enough loss of business and they'll change their ways - but if people pay it -they won't change. Tiny loans are not only high risk, but the costs associated with making them are higher as a percentage of the principal that with normal loans. They have to charge more. They loan money to people who can't get money any other way. Like somebody has tons of time maybe, can't do ANYTHING, why?, no money so maybe his bank loans the person 50 cents for a needle and thread, then the person is doing something productive AND feeding her kids the loans get paid back like 97% of the time, better than most loans The man is a saint in my opinion |
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