How much interest will i have to pay on my payday loan?

Answer On One Hand: A Whole LotInterest rates on payday loans are exorbitant, starting around 391 percent, according to the Federal Trade Commission. The loans can climb to 1,000 percent if customers roll... Read More »

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Is payday loan interest tax deductible?

Since a payday loan is a personal loan, you can't deduct the interest for tax purposes. According to IRS Form 1040 instructions, you may deduct the interest paid on a qualifying student loan (1040 ... Read More »

What is the average interest rate of a payday loan?

Payday loans have come under fire in recent years. The typical annual percentage rate (APR) on a two-week payday loan is 456 percent, or 911 percent for a one-week loan, according to the Consumers ... Read More »

Is a payday loan a personal loan?

A payday loan, also referred to as a paycheck advance, is a personal loan. It is a short-term loan designed to help the borrower cover expenses in an urgent situation, until his next paycheck. Howe... Read More »

How to Pay Off a Payday Loan?

A payday loan is a short-term solution to any financial emergency such as paying bills like utilities and mortgage payments. The payday loan has high interest rates and a due date for repayment. Of... Read More »