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Detailed explanation-1: -Unlike other personal loans, payday loans often feature interest rates ranging from 391% to 600%. Some states have placed caps on payday loan interest rates. For example, 18 states have limited interest rates to 36% on a loan of $300.

Detailed explanation-2: -Which institutions charge the highest interest rates on loans? pawnshops, payday lenders, tax prepares, finance companies. What are the advantages of a credit union? At a credit union, credit cards, home equity loans, mortgages, auto loans, and personal loans all enjoy lower rates than you will find at a bank.

Detailed explanation-3: -Cost of a payday loan A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400 percent. By comparison, APRs on credit cards can range from about 12 percent to about 30 percent.

Detailed explanation-4: -The three largest payday lenders are Advance America, Check Into Cash, and Cash ‘N Go. Of those, only Advance America is publicly held, and it is by far the largest. Other large, publicly held payday lenders include QC Holdings, Cash America, Dollar Financial, EZCORP, and First Cash Financial.