What kind of interest rate can I expect to pay on a Pay Day Loan?

Payday loans really don't work on the interest thing. Since most of them charge a flat fee per $100(or some other round number) every paycheck, it can be a bit misleading. If you want to know the actual interest rate, it can be anywhere from 500%-1000% depending on how much the loan is for and which company you go with.

This isn't as bad as it seems since these are not meant to go on for much more than 2-4 weeks depending on your pay cycle. You can expect to pay about $15- $20 for every $100 you borrow. Not great, but because of the speed and ease of acquiring them, nice in a pinch.

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In the United States, finance charges on payday loans are typically in the range of 15 to 30 percent of the amount for the two-week period, which translates to rates ranging from 390 percent to 780 percent when expressed as an annual percentage rate.

Whatever you do, don't get a payday loan! And I'm speaking from personal experience. If you really need money, try borrowing from a family member or friend first.

Most people that get payday loans don't end up having the money to pay it off in two weeks, which means they end up extending it for another two weeks by paying a 15-20% fee. So if you borrowed $300, you'd pay around $45-$60 just to extend for another two weeks. And then what happens when those two weeks are up and you still can't afford to pay it off?

Then you extend it again. And it just keeps going. Some people will then get another payday loan just to pay off the first one, and then keep extending that one.It's a crazy cycle, and I very seriously recommend that you stay away from them.

Payday loans are so bad that some states have been trying to outlaw them. They're also one of the leading causes for bankruptcy filings.

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