I went to get a payday loan, but the interest and fees they wanted was more than the amount I wanted to borrow. Is that legal?
Answers | 1
Believe it or not, the average interest rate on a payday loan is 390%! That's why we don't recommend payday loans except as a last resort. The Consumer Financial Protection Board is trying to make new regulations for the industry to help consumers like you. You can learn more about payday loans and the proposals being investigated in our payday infographic.