Payday Loan Interest Rates

PAYDAY LOAN INTEREST RATES

Interest rates associated with payday loans are higher than bank issued unsecured loans. Payday loans are short-term, high risk loans, generated by private lenders that are usually not allied with any of the regulated financial establishments. The terms for payday loans are established on the pay frequency of the borrower and are typically as long as one month or as short as one week. The interest rates associated payday loans are going to be higher the shorter the term.

Interest Rates of One Week Long Payday Loans
Interest rates on a one week loan are typically 900%. Therefore, on a one week payday loan for $200, the cost to the consumer would be approximately $38.

Interest Rates of Two Week Long Payday Loans
Interest rates on a two week loan are around half of rates associated with one week loans and are around 450%. A two week payday loan for $200, is still going to cost to the consumer around $38.

Interest Rates of One Month Long Payday Loans
It is important to note that payday loans with terms of one month are not typical. Similar to two week loans, interest rates associated with one month long payday loans are also around 450%. At the 450% rate, a $200 loan will cost around $80. You can use our loan calculator to determine what you can expect to pay for your loan.

Interest rates associated with pawn shop loans are also very high.

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