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Why a payday loan has higher interest than a bank personal loan
By Toni Phelps
Ever wondered why a payday loan interest rate is higher than a bank's personal loan The truth is, payday loans don't have an interest rate... instead a fee is charged.
Why is a payday loan interest rate higher than a bank personal loan?
A payday loan is a short term, high risk loan, and is offered to anyone with no credit checks. Generally, payday lenders do not charge an interest rate, but instead charge a flat fee" based upon the loan amount and the date the loan is repaid. Because of the lender's high risk and the short term of the loan, by comparing the fee to that a typical bank personal loan, the interest rate calculation is higher.
Typicall...
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