What is the average interest rate on a payday loan?

@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.