You may know that payday loans are expensive but did you know that because they are advertised based on the dollar cost of borrowing (ex. $20 for two weeks) it isn’t obvious just how much interest you would be paying compared to other “traditional” forms of borrowing such as a credit card or a bank loan.
Preet Banerjee, in the link below, does a great job of explaining just how expensive payday loans really are, often in the hundreds of %.
See Preet’s simple breakdown here
