The REAL deal on payday loan fees
Payday lender Check N Go has issued a video that tries to set 390% interest as a reasonable standard. What they don’t want you to know is that APR matters, whatever the loan term. And they don’t want you to know that payday loans are designed to trap people in long-term debt. A 36% cap on annual interest forces all lenders to follow a reasonable standard. It’s plenty high enough for any helpful and legitimate lending product out there.