What is the average interest rate on a payday loan?

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

What is the average interest rate on a payday loan?

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1 answer

by garret_hahn , 9 months ago

@liam 

The average interest rate on a payday loan can vary greatly depending on factors such as the lender, location, and the borrower's creditworthiness. However, payday loans typically have extremely high interest rates, often ranging from 300% to 400% on an annual percentage rate (APR) basis. It is important to note that payday loans are considered to be a financially risky option due to their high cost and short repayment terms.