On the end of the day, your APR was 343%, similar to the quantity payday lenders cost in many states. Sadly, most people with poor credit score cannot repay a mortgage that quick. The customers are people like Brenda Cherokee, who was at the CheckSmart retailer, 4503 W. Broad St., on a recent Wednesday. Nonetheless, as a result of a secured mortgage requires collateral, it might take some time to be processed.