Official website for STOMP, a unique combination of percussion, movement and visual comedy. Buy tickets to STOMP in NYC and on tour.
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%.
Alberta rates became the lowest in Canada, for provinces that allow payday loans, effective August 2016, with the maximum rate of payday loans of $15 per $100 lent, an effective interest rate of 3,724%.