How is the Interest Rate on a Payday Loan Calculated?

How is the Interest Rate on a Payday Loan Calculated?

If you’re considering taking out a payday loan, you’re probably wondering how the interest rate is calculated. Here’s a quick overview of how payday loan interest rates work. Checkout this video: How Payday Loans Work A payday loan is a type of short-term borrowing where a lender will extend high interest credit based on a…