The Associated Press ran an article titled “Payday Loans: How they rate against alternatives”
These figures are provided by the CFSA, but I’m glad that our side is getting some press.
Fee — Loan Type — Annual Percentage Rate
$15 — Payday loan — 391 percent
$29 — Overdraft fee on checking account — 755 percent
$37 — Credit card late fee — 965 percent
$56 — Bounced check fee — 1,449 percent
