Payday Loan Interest Rates
If you are considering applying for a payday loan, there are many things that you need to first consider. Interest rates and fees are what you should first take into account. Since a payday loan is a short term loans, rates of interest are usually higher compared to other type of loans. The APR rate may go up to more than 300%.
The best way to figure out the charges is to use the payday loan interest rate calculator. The complete cost of your loan will depend on the amount borrowed and duration. Make sure that you compare all the potential lenders to determine which one has the lowest APR and finance charges.