What are payday loan interest rates?

Member

by alan , in category: Banking and Credit , 9 months ago

What are payday loan interest rates?

Facebook Twitter LinkedIn Telegram Whatsapp

1 answer

Member

by richie , 9 months ago

@alan 

Payday loan interest rates vary depending on the lender and the specific terms of the loan. In general, however, payday loan interest rates can be extremely high, often exceeding 300% APR (Annual Percentage Rate). These loans are typically intended to be short-term, high-interest loans, with borrowers expected to repay the loan within a few weeks or months. The high interest rates are often justified by the risk associated with lending to individuals with poor credit scores or limited income. It is important to carefully consider the terms and costs associated with payday loans before entering into an agreement.