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
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
Interest rates associated with
loans are also very high.
Best Payday Loans
Payday Loan Application Tips
You Shouldn't Use a Payday Loan
Dangers of Payday Loans
Using Payday Loans Wisely
When Are Payday Loans a Good Idea?
How Are Payday Loans Beneficial?
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