Payday Loan APR Explained: Why "$15 per $100" Is a 391% Loan
Payday loan APR explained in plain math: a $15 per $100 fee is a 391% APR. See the formula, why federal law shows it, and what it means if you roll over.
By Derrick Washington
HomeBorrow Smarter
Borrow Smarter
Reporting, analysis, and plain-language explainers on payday loans, state rules, credit scores, and the lower-cost alternatives most borrowers never hear about.