Standard rates and fees for payday loans
Loan providers generally charge a flat rate dollar amount per $100 borrowed. A payday loan's fee amount could range from $10 to $30 for every $100 borrowed. The laws and regulations of your state could limit the amount that a provider charges.
A fee of $15 per $100 is standard, which relates to an annual percentage rate of approximately 400% for a loan. For instance, if you want to acquire $500 before your next payday, it might cost you $575 to pay it back. Considering the charge is $15 per $100.