PayDay Loans

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PayDay Loans: Easy, Fast, High Interest

A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.

How are interest rates calculated and whats the average?

  • Interest rates are determined by the minimum wage in your state
  • The average APR is 400% and for every $100 the fees are about $15-$30

What are three other options before turning to this credit?

  1. Take your time and save money for the little things you may need
  2. Ask relatives or people close to you for a little cash so you may not have interest
  3. Wait for the paycheck