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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%.
TWO WEEKS BECOMES SIX MONTHS. The average payday borrower is in debt for nearly 200 days â more than half a year. One-in-four borrowers spends at least 83% of their year owing money to payday lenders. This is on top of any debts that borrower might have to other creditors.