APR and Fees Disclosure
APR (Annual Percentage Rate) expresses the cost of credit as a yearly rate. Payday loans are usually short-term products, so a relatively small dollar fee can become a very high APR when annualized.
Representative repayment examples
| Loan amount | Term | Finance charge | Total repayment | Approx. APR |
|---|---|---|---|---|
| $100 | 14 days | $15 | $115 | 391% |
| $300 | 14 days | $45 | $345 | 391% |
| $500 | 30 days | $75 | $575 | 183% |
APR vs. dollar fee
The APR helps compare credit products across time, but the dollar fee tells you what leaves your bank account on the due date. Review both. A fee that seems manageable today can become unaffordable if you must renew, roll over or take another loan to repay the first one.
Possible fees and costs
- Finance charge or lender fee.
- ACH return fee or nonsufficient funds fee from your bank.
- Late fee where allowed by state law and contract terms.
- Collection costs if the account defaults.
- Rollover or renewal charges in states where rollovers are permitted.
Late payment and rollover risks
Missing a due date may lead to returned payments, additional fees, collection calls, debt collection reporting and loss of access to future credit. In some states rollovers are restricted or prohibited because repeated renewals can trap borrowers in a cycle of debt.
State law matters
Fee caps, maximum loan amounts, minimum terms, cooling-off periods and rollover rules vary by state. Start with our state availability and license information, then confirm details with the official regulator before borrowing.