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- BlendNewYork, on 11/07/2008, -0/+1Borrowers visit a payday lending store and secure a small cash loan, usually in the range of $100 to $500, with payment due in full at the borrower’s next paycheck (usually a two week term). Finance charges on payday loans are typically in the range of 15 to 30 percent of the amount for the two-week period, which translates to rates ranging from 390 percent to 780 percent when expressed as an annual percentage rate (APR) The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower doesn’t repay the loan in person, the lender may process the check traditionally or through electronic withdrawal from the borrower’s checking account.
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