According to the Consumer Financial Protection Bureau, a typical two-week $100 payday loan has $15 in fees, which corresponds to an annual percentage rate of 391%. For context, financial experts believe that the maximum APR a loan may have while remaining affordable is 36%.
Close up of a man sitting in kitchen and going through his financials
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When Minnesota resident Sherry Shannon was short on cash after her car broke down in 2013, she turned to a storefront payday lender for a $140 loan. She remembers the process as quick and easy — she signed on the dotted line, got the cash and was out the door within minutes. But when it...
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