PAYDAY LOANS vs OTHER WAYS OF BORROWING

Based on a $300 loan taken for 14 days only

Payday Loan VS Borrowing

Please note that the costs shown in this example are for illustration purposes only. Calculations of costs are based on the following assumptions:

  1. A Payday loan costs $21 per $100. This equates to an annual percentage rate (if you kept the loan for one year) of 547.50%.
  2. A line of credit includes a $5 administration fee plus 7% annual interest on the borrowed amount.
  3. Overdraft protection includes a $5 fee plus 19% annual interest on the borrowed amount.
  4. A cash advance on a credit card includes a $5 fee plus 21% annual interest on the borrowed amount.

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