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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%.
Utah payday loans, 2014. Â» Average annual percentage rate charged: 466%, or $17.93 per $100 loaned for 2 weeks. Â» Highest APR actually charged: 1,564%, or $60 per $100 loaned for 2 weeks. Â» Average number of days before a payday loan is repaid: 31.