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APR of Payday loan the Annual Percentage Rate, the real cost of a loan on an annual basis is a good measure of the cost of a loan. The APR of a mortgage might be at most 10% these days, or a credit card, at most 20%. Here is a sample chart of a typical payday loan. Notice the last column:
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A lot of the information on this site was taken from the FTC. Some of it copied directly. If you want, call them at 1-877-FTC-HELP |