It is true that the interest rates of payday advance loan is higher compare to the general loans. Therefore, only apply for certain amount which you need urgently and the amount which can repay to be safe from unnecessary debt.
- This loan cost 390% or higher Annual Percentage Rate (APR)
- Therefore if you borrow $100 then the charge will ranges from $15 to $30 for two week loans
- A $500 cash loan on a credit card that is paid back in one month would cost you $13.99 in finance expenses and a yearly interest rate of about 5.7%.
Note: Interest rate also depends on the (USA) States Laws and Regulations and can Vary from states to states.
Read More about interest rates and fees of payday loans.