Suppose you were to come to me and ask to borrow $100,000.
Just before endorsing the check you ask, “Doug, when do I need to pay you back? And What interest rate will you charge?”
I tell you I’ll decide when you need to pay me back, and I’ll decide the interest rate when I ask you to pay me back.
Would you endorse that check?
Of course not — yet millions of Americans do it every day. Watch this video to learn how.
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