Freedomcashloans

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The cost of a loan from a payday lender is typically $10 to $30 for every $100 borrowed, according to the Consumer Financial Protection Bureau. If a payday lender charges $15 for a $100 two-week loan, that’s a 391% APR.

If the loan isn’t repaid in full on the first payday, a fee is typically added and the cycle repeats. Within a few months, borrowers can end up owing more in interest than the original loan amount.

That’s why payday loans are risky — it's easy to get trapped in a cycle of debt and expensive to get out.