Average Interest Rates for Payday Loans you are strapped for cash and are considering taking Tout a payday loan, there are several things you should first consider, such as how high the fees and interest rates associated with your loan are. Often times with payday loans, the rates are much higher than other types of loans, and can end up putting you more in debt than you were to start with Payday loans typically range from approximately $100 to $1000, depending upon your state's legal min- imum. The average loan time is two weeks, after which time you would have to repay the loan along with the fees and interest you accrued over that period. These loans usually cost 400% annual interest (APR), if not more. And the finance charge to borrow $100 ranges from $15 to $30 for two week loans. These finance charges are sometimes accompanied by interest rates ranging from 300% to 750% APR. For loans shorter than two weeks, the APR can be even higher In most cases, payday loans are much more expen sive than other cash loans. For example, a 5500 cash advance on an average credit card that is repaid in one month would cost you $13.99 in finance charges and an annual interest rate of about 5.7%. A payday loan, on the other hand, would cost you $17.50 per 5100 for borrowing the same 5500, and would cost $105 if renewed once, or 400% annual interest. I 6. According to this article, a payday lender may charge 15 to 30 percent for a few weeks. Suppose you borrow $200 from a payday lender for one week at a weekly rate of 10%. You'll obviously owe $220 at the end of a week. If you are unable to repay the loan, however, the lender will say that you now owe not only $220 but also 10% of that $220 at the end of the second week. How much will you owe by the end of the second week? If you still can't repay any of it, how much will you owe at the end of the third week