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%.*
The amount of payments will vary based on the loan amount, the number of payments and the length of the loan. Using a $2,600 loan with a $75 administrative fee as an example: 24-Month Loan Term: A $2,600 loan would cost $7,119.79 which includes finance charges of $4,519.79 and is based upon you agreeing to make 51 payments of $136.89 due every two weeks and one final payment of $138.40 with an APR (Annual Percentage Rate) of 121.28%.* These calculations include a $75 administrative fee that is fully earned at origination but does not accrue interest and is paid by your first payment.
*The Annual Percentage Rate (“APR”) is the cost of your loan expressed as a yearly rate. The actual APR for your loan may be higher or lower, depending on the actual amount you borrow and your actual repayment schedule.