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Ouch!

The Average Payday Loan Costs You $800 To Borrow $325*.

Payday loans may start with small amounts, but they add up to a huge pain in the wallet. Sure, the fee of $15 per $100 borrowed may not seem like much. But calculated as annual interest, payday loan rates range from 391% to 572%!

If you can’t pay-off the loan on time, you’re charged the same fee all over again. So you can end up paying a lot more in fees than you originally borrowed.

For more in-depth information on the real cost of payday loans, go to the Federal Trade Commission website.

*Source: City of Milwaukee Task Force on Convenience Lending, Summary and Recommendations 5/3/06.