High Interest Loan Payments - How should they be applied?
Certain types of loans, are dictated by state law, and others by Federal.
Payday loans are under your state jurisdiction, so they will apply based on state law. In Georgia for example, there is no limit to the interest rate of a loan. I have seen offers in excess of 600% interest.
The terms of your loan will be the factor here. if it is simple interest or amortized will play a big role in how the interest is applied. I would need more information to break that down.
My best advice is to try and take a personal loan from a bank to refinance this disaster of a loan.
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