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The cost of a payday loan varies based on a number of factors, such as the payday loan company’s rates, fees, and state laws. Some states have a cap on the maximum amount of fees a payday loan company can charge. These fees typically range from $10 to $30 for every $100 you borrow. A fee of $15 per every $100 borrowed equates to an annual percentage rate of nearly 400%, according to the Consumer Financial Protection Bureau (CFPB).

Payday lending is more expensive than personal loans, or even credit cards. The average credit card APR was 16.17% as of February 2022, while a 24-month personal loan had an average APR of 9.41%, according to Federal Reserve data.

Payday loans can be problematic for people with little income because it’s easy to accrue additional debt. If you don’t pay off your original amount, you’re charged interest and a loan fee to renew the debt. You can easily double or triple the amount you have to repay over several months, which can add up to more than the original amount you borrowed.

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