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LSDefine

Simple English definitions for legal terms

block interest

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A quick definition of block interest:

Block interest: This is when someone adds interest to a loan or debt, making the total amount owed bigger. It's like adding extra money on top of what you already owe. This is also called "add-on interest".

A more thorough explanation:

Block interest refers to a type of interest that is calculated and added to the principal amount of a loan. This is also known as add-on interest. For example, if you borrow $1000 with a block interest rate of 10%, you will have to pay back $1100 at the end of the loan term.

This type of interest is different from compound interest, where the interest is calculated on the principal amount as well as the accumulated interest. Block interest is a fixed amount that is added to the principal, regardless of how much you have already paid back.

Block interest is commonly used in short-term loans, such as payday loans or cash advances. It is important to understand the terms and conditions of a loan before agreeing to it, as block interest can make the loan more expensive than it initially appears.

For example, if you take out a $500 payday loan with a block interest rate of 20%, you will have to pay back $600 at the end of the loan term. This means that the cost of borrowing $500 for a short period of time is $100, which is a high cost compared to other types of loans.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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