rates on average range from 300% up to 800%, and you may even see rates over 1000%. APRs represent the interest paid on a full-year loan, but the term of most payday loans is only two to four weeks. Lenders use this logic to justify excessive APRs, because if you pay back your loan within the typical 14-day period, you will not pay those exorbitant rates. However, an alarming number of borrowers find they cannot pay off their loan within such a short term and therefore resort to rollovers, extensions or renewals, which is when interest and additional fees start to
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