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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%.
Here's the difference between the two kinds of loans: Payday Loans. Loan amount typically ranges from $100 to $1,500. Loan is short-term, to be paid back in full in 30 days or less. Payment is ordinarily due on or immediately after receipt of the borrowerâs next paycheck.