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Q: What are the interest rates on a pay day loan?

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Interest on a Pay Day Loan

The interest rate associated with a pay day loan is typically not the most appealing aspect of this type of loan. Borrowers in need of a pay day loan may be in need of a loan which can be obtained quickly and repaid in a short period of time. This type of loan is also ideal for borrowers with a poor credit history because the loan approval is based on income rather than credit history.

When obtaining a pay day loan, the borrower typically pays a fee of approximately $15 to $30 for each $100 they borrow. Translating these fees to an annual percentage rate would result in a rate of 390 percent to 780 percent, making it clear these terms are not ideal from a financial standpoint. However, considering the short loan period, the interest the borrower pays is not a substantial amount of money which explains why borrowers are not intimidated by these interest rates.

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