The shocking amount of interest you’d owe on a $300 payday loan
The Globe and Mail
Did you know that payday loans charge interest rates in the hundreds of percent? Preet Banerjee does a great job, in this Globe and Mail piece, explaining how borrowing a few hundred dollars for a couple of weeks is deceivingly expensive.
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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 %.