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Why do people say payday loans are expensive?

Home » Topics » Why do people say payday loans are expensive?

Landing Page › Forums › Payday Loans: General Questions › Why do people say payday loans are expensive?

This topic contains 1 reply, has 2 voices, and was last updated by  realpdl 1 year, 4 months ago.

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  • September 14, 2019 at 2:51 pm #91648

    Anonymous
    September 19, 2019 at 11:17 am #91650

    realpdl
    Moderator

    Because they are! While some states ban payday loans altogether, others place a cap on the interest rate that payday loan companies can charge.

    But the maximum rate is very high. For example, a payday loan in California could cost you as much as 459% per year. The rates in many other states are equally high.

    Of course, that’s the annual rate. The loan term for a payday loan is usually two weeks. But a rate of 450%+ is still very high considering that credit cards charge an average of 17% and personal loans are available from 10% to 28%.

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