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%.
Great if you can get it. Here the late fee is limited to 2.5% per month(30% per year) by law. Only ones that have found a way around that are the pawnshops and the Payday loan shops. They average 500% or so.