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%.
Once a loan is repaid, under the new law, the borrower must wait 10 days before obtaining another payday loan. The law allows the term of a loan to run from 14 to 35 days, with the fees capped at $15.50 for each $100 borrowed 58-15-33 NMSA 1978.