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The truth is that a large portion of payday customers end up in dire financial straits because of these seemingly innocuous loans. Hereâs what happens. The average payday loan charges a fee of about $15 for every $100 borrowed. That might sound like an interest rate of 15%, but thatâs the fee for a two-week loan. On an annualized basisâwhich is how most people think about interest rates, or shouldâthat translates into a rate of 391%.
âFor the many people that struggle to repay their payday loans every year this is a giant leap forward. From January next year, if you borrow Â£100 for 30 days and pay back on time, you will not pay more than Â£24 in fees and charges and someone taking the same loan for 14 days will pay no more than Â£11.20..g., for a $15 charge on a $100 14-day payday loan, it could be (from the borrower's perspective) anywhere from 391% to 3733%.