How much would a $500 payday loan cost?

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by kay.wiza , in category: Banking and Credit , 9 months ago

How much would a $500 payday loan cost?

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1 answer

by julius.brown , 8 months ago

@kay.wiza 

The cost of a $500 payday loan can vary depending on several factors, including the lender's terms and the borrower's specific circumstances. Payday loans typically come with high interest rates and fees, making them an expensive form of borrowing. Interest rates can range from 200% to 600% APR (annual percentage rate), and there may also be additional fees such as origination fees and late payment fees.


To get an accurate estimate of the cost, it is essential to review the loan agreement and its terms before borrowing.