What do you need to know about Pay day loan interest?

[AJAY KAPOOR]

Pay day loan is a short-term, high-interest loan that can help you get the cash you need in a pinch. But there are some important things that you need to know about pay day loans before taking one out.

Pay day loan interest refers to extra money that you pay the lender because of a late payment.

Pay day loan interest refers to extra money that you pay the lender because of a late payment. The rate of pay day loan interest can be as low as 3% or as high as 20%. The interest rate is determined by the lender, but it usually ranges from 8% to 15%.

If you are unable to repay your loan on time, then they will charge an additional fee called “payday loan interest” which is added onto your balance when making payments. This means that if you have borrowed $100 and make four payments each month (paying off half of this amount), then after three months’ time and one missed payment due to illness or another reason out of your control — they’ll charge you 10% on top of what’s owed!

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