Payday Loan Info is Consumer Federation of America's information resource on payday lending for consumers and advocates. A payday loan is a high-cost, short-term loan for a small amount — typically $300 to $400 — that's meant to be repaid with your next paycheck. Payday loans require only an income and bank account and are often made to people who have bad or nonexistent credit.The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.
Colorado: The amount of payments will vary based on the loan amount, the number of payments and the length of the loan. Using a $500 loan with a 10% acquisition charge and a 98-day loan term as an example: A $500 loan would cost $595 which includes finance charges of $95, consisting of the acquisition charge and three installment account handling charges, and is based upon you agreeing to make seven payments of $85 due every two weeks, with an APR (Annual Percentage Rate) of 118.25%.
California: A payday loan costs approximately $17.65 per $100 borrowed. For example, a $100 loan due in 14 days would have a total repayment amount of $117.65 and has an APR (Annual Percentage Rate) of 460.16%. Moneytree, Inc. is licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law to make consumer loans. Loans made or arranged pursuant to a California Financing Law license.
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