PAYDAY LOANS vs OTHER WAYS OF BORROWING
Based on a $300 loan taken for 14 days only
Please note that the costs shown in this example are for illustration purposes only. Calculations of costs are based on the following assumptions:
- 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%.
- A line of credit includes a $5 administration fee plus 7% annual interest on the borrowed amount.
- Overdraft protection includes a $5 fee plus 19% annual interest on the borrowed amount.
- A cash advance on a credit card includes a $5 fee plus 21% annual interest on the borrowed amount.
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