Cash payday lenders offer short-term, high-interest loans intended to cover immediate financial needs until the borrower's next paycheck. While these loans provide quick access to cash, they often come with extremely high fees—averaging $15 per $100 borrowed—which can result in an annual percentage rate (APR) of nearly 400%. How Payday Loans Work

: Typical finance charges range from $10 to $30 for every $100 borrowed.

: The full loan amount plus fees is due on the next payday, usually within two to four weeks.

: Because borrowers often cannot repay the full amount by their next check, they may "roll over" the loan, incurring additional fees and creating a "debt spiral".

The high-cost structure of these loans can lead to significant financial strain for many households.

: Funds are usually available immediately or within one business day.