average interest rate of payday loan

Fact Sheet On Payday Loans
"Payday" loans are small, short-term loans made by check cashers or similar . The interest rates for such transactions are staggering: 911% for a one-week loan ; 456% . According to a Wall Street analyst covering the industry, "the average .
http://www.consumersunion.org/finance/paydayfact.htm

Payday for lenders? - MarketWatch
Nov 30, 2006 . To pay back a $325 loan, the average payday-loan borrower pays a total of $793. The average annual interest rate on such loans runs about .
http://articles.marketwatch.com/2006-11-30/finance/30695150_1_payday-loan-payday-loans-cash-advance-centers

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    Average Interest Rates for Payday Loans | Payday Loans Online ...
    Average Interest Rates for Payday Loans. If you are strapped for cash and are contemplating taking out a payday loan, there are several things you should first .
    http://www.paydayloansonlineresource.org/average-interest-rates-for-payday-loans/

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    Payday loan - Wikipedia, the free encyclopedia
    The average loan size is around 300, and two-thirds of borrowers have annual incomes below 25000. There are no restrictions on the interest rates payday .
    http://en.wikipedia.org/wiki/Payday_loan

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    What is a typical interest rate on a payday loan? | Answerbag
    The short-term payday loans can often have annual percentage rates that top 700%.At the annual percentage rates that top 700%, the daily .
    http://www.answerbag.com/q_view/49067

    4 alternatives to payday lending
    Payday loans often create more problems than they solve. . of America in Washington, D.C. On average, the industry makes $40 billion in loans and . program -- known as SALO -- which offers no-fee loans with a 12 percent interest rate.
    http://www.bankrate.com/finance/personal-finance/4-alternatives-to-payday-lending-1.aspx

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    Report: Average MO payday loan interest rate at 445% (AUDIO)
    Report: Average MO payday loan interest rate at 445% (AUDIO). February 7, 2011 By Ryan Famuliner. A state reports shows some interesting developments in .
    http://www.missourinet.com/2011/02/07/48742/

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    Do people take out payday loans because they're desperate, or ...
    Jul 22, 2009 . The average payday loan has an annual interest rate of more than 400 percent. Payday lenders themselves argue that they're being victimized .
    http://www.slate.com/articles/business/the_dismal_science/2009/07/400_percent_apr_is_that_good.html

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    Mary Still winds up for third pitch of payday loan reform legislation ...
    Jan 14, 2011 . The current average APR for the loans in Missouri is 444.61 percent, . a 36 percent interest rate will eliminate payday loans, and it benefits big .
    http://www.columbiamissourian.com/stories/2011/01/14/representative-still-winds-third-pitch-payday-loan-reform-legislation/

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    Payday Lending
    Payday loans beckon borrowers with promises of quick cash and no credit checks. . weeks, borrowers become indebted for more than half of the year, on average. . Yet for almost all payday borrowers, payday loans' triple-digit interest rates .
    http://www.responsiblelending.org/payday-lending/

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    Why Do Payday Loans Have High Interest Rates | Superloanpros.com
    Some estimates suggest that the interest rate for a single payday loan can be around 900 percent for a one week loan. When compared to the average interest .
    http://www.superloanpros.com/learn/payday-loans-2

FinAid | Student Loans
However, the interest rate on the Federal Direct PLUS loan is lower (7.9% vs. . and the average student loan debt among graduating seniors was $23186 .
http://www.finaid.org/loans/