I always ask if people can really afford the average payday loan interest on a payday loan when I hear they are thinking of or actually taking one out.
Most have no idea what that number even is, and when they find out it simply blows their minds!
If you have payday loans or are thinking about taking one out do you know the average payday loan interest rate?
If the answer is no don’t feel bad, you have lots of company!
Let’s take a look at the numbers and the 5 states highest interest rates for these loans!
Average Interest Rate
The average payday loan interest rate is, are you ready?
How that breaks down is a 2 week $500.00 loan would cost you $150.00 in interest along with various counter frees.
Do you still want to get that loan?
I know, many times people are forced into this due to no other options and we have been there ourselves here at Help With Payday Loan Debt.
Keep an eye out as in the near future we will be reporting on alternative options to payday loans.
Now let’s take a look at the top 5 states with the highest interest rates in this industry.
Top Five States
Usually, placing in the top five is something to be proud of but this top five is just the opposite.
The state of Idaho comes in first with a rate of 582%. South Dakota is second with a rate of 574%. Wisconsin is third with an interest rate of 572%. Next at Fourth is Nevada at 521%. Delaware rounds off the top five at 517%.
All of the above are considerably higher that the US average of 400%!
As you can see these loans can get extremely expensive especially if you start extending them!
These can be very dangerous types of loans that can break your bank account, ruin your credit completely and even cost you your family and in extreme cases, people have even committed suicide!
One must be very cautious when dealing with them.
The only way to safely take out a payday loan in any state is to make sure it is paid off in full on your due date!
Never extend a payday loan, and never take out more than one and you should be OK and not end up in the payday loan trap.
We understand that times can get tough and people need cash in emergencies.
We also understand things go wrong and when they do you need help and that is why we are here.
We can help you with out of control payday loan debt in any state!
Just give us a call toll-free at 1-877-280-5100 or fill out of free quote form to see how we can help YOU!
We hope this article helps you understand the costs of payday loans and the help that is available should you find yourself in need of it!