According to a survey of payday lenders, the average annual interest rate charged on payday loans is about:

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Payday lenders charge extremely high interest rates, typically around 400% or more. This is because payday loans are considered high-risk lending, as they are often given to borrowers with poor credit and have short repayment periods. The high interest rates help offset the risk of borrowers defaulting on the loan.

According to a Survey of Payday Lenders, the Average Annual