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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%.
Payday Single Payment Loan. Third-Party Loan Fees and Examples. Loan term varies from 9 days to 35 days based on pay date. Amounts vary from $200 to $1,500 in $25 increments. The CSO fee is $25 per $100 borrowed*. Annual Percentage Rate (APR) varies based on loan term and amount borrowed. The chart below shows the fees and APR based on a loan term of 14 days.