What Is The Average Interest Rate On A Payday Loan?

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The convenience and speed of the short term loan lending made it a look-out option for fast cash requirements. Before applying for any loan, it’s very important to know the interest rates of that particular loan. The average interest rate of payday loans is 391% for the loan amount between $100 to $1000.


  • You have to fill out the registration form on the website (generally small compared to traditional loans). The form includes your details like job, source of income, and bank details.
  • Just by clicking on the apply link, your request will be processed. If it’s approved, you can receive amounts ranging from $100 to $1000 based on your requirements.
  • The payment is delivered in your bank account on the same day or the successive business day.
  • The loan time for the short term loans generally is up to two weeks.
  • The lenders generally charge interest up to $15 – $20 for every $100 you borrowed.
  • The interest rates are calculated based on annual percentage rates.
  • The annual percentage rates for payday loans range from 391% to 521%.

The annual percentage rate for installment loans can be calculated as


(The amount of interest paid /The amount borrowed)X 365

Thus divide the obtained result by the length of term repayment and multiply the result with 100.
Thus, for different amounts you seek, the average interest rate ranges between 391% to 521%.


These are the terms you can be well aware of while taking the payday loan.


Financed amount: The amount you receive in short term loans.


Finance charge: The amount in dollars, you will lose (can also be called as interest).


Term of loan: The duration of repayment of your loan, in full amounts.


Short term loans at CashUSA24/7 offer you the extension of the repay date for your cash advance loans at much lesser interest so that you may not have the need to consult a debt settlement company. The fast cash is delivered to your account in a quick time within the date you apply.



We at CashUSA24/7 offers you installment loans at a great deal of interest. We provide you with every kind of assistance or information related to the interest rates of payday loans and provide you the loan with a considerably less interest rate. It’s all one way straight that leads you to money i.e.


Fill the Details—Click on Apply Now— Wait for the Approval— Get the Money deposited in your account. Apply now.