Colorado Payday Loan Default Rates Center for Responsible Form

Instructions and help about Colorado Payday Loan Default Rates Center For Responsible

how do you calculate the interest rate on a payday loan a payday loan generally refers to a short-term loan of $1,500 or less with a term of 62 days or less normally when you borrow money save for using a credit card or for your mortgage the interest rate you are being charged is known for example if you were borrowing money to buy your first house at the beginning of 2015 you probably know you could get an interest rate of less than 3% you might clearly know that your credit card provider charges a fixed annual interest rate of say 19 percent but payday loans are advertised a little differently instead of telling you the rate first they tell you the dollar amount of borrowing for example it's common to see ads that will say borrow three hundred dollars for two weeks for 69 dollars what you might not realize is that a cost of borrowing three hundred dollars for two weeks for 69 dollars is the equivalent of a five hundred ninety nine point six four percent interest rate here's how to fi