Payday loans have been a talked-about topic in America for the last couple of years. In fact, did you know that the average payday loan is 391%?! This only applies to paydays that you pay off in two weeks. According to the Financial Protection Bureau if you can’t give back 80% of your payday loans your interest rate can go up to 521% and it will rise until you pay off the debt! This does sound like a tricky situation, does it? It can get pretty complicated, as well as overwhelming, which is why you will appreciate this article, as well as our helpful tips when it comes to your interest rates.
