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.
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 %.