On the finish of the day, your APR was 343%, similar to the amount payday lenders charge in lots of states. Sadly, most individuals with poor credit score can't repay a loan that fast. The purchasers are folks like Brenda Cherokee, who was on the CheckSmart store, 4503 W. Broad St., on a recent Wednesday. However, as a result of a secured mortgage requires collateral, it may take a while to be processed.