You’ve probably heard of instant online loans, but you may not be sure if they’re the right choice for you. We’re here to help you make that decision!
The Cost of Payday Loans at Odessa State Texas The high cost of payday loans can be a burden for many people in Odessa. A typical two-week payday loan with a $15 per $100 fee costs about $30 in interest and fees for every $100 borrowed. That's an annual percentage rate (APR) of almost 400%! For someone who needs to borrow $500, that same loan would cost $150 in interest and fees. That's a lot of money to pay just to borrow a small amount of cash for a short period of time. And if you can't repay the loan when it's due, you may be charged even more in fees and interest. If you're considering taking out a payday loan, make sure you understand all the costs involved. And remember, there are other options available if you need cash fast.