- The Consumer Financial Protection Bureau
- The Federal Trade Commission (FTC)
- Paydayloaninfo.org
- NCSL.org
Payday Loan Rates and Fees
The cost of getting an online payday loan offer is usually conveyed as an annual percentage rate (APR) that covers all the necessary interest fees relating to your offer.
As discussed earlier, InstantPaydayOH doesn’t operate as a direct lender or financial institution. Therefore, we are not to be held responsible for any credit-making decisions; neither are we in charge of regulating rates and fees of our lenders at any time for a specific loan offer.
InstantPaydayOH is here to quickly provide you with the right kind of cash advances, specifically for those who have consistently faced disappointment by traditional lenders. We stand as that reliable bridge that links you with the best possible direct payday loan lender for your lending purpose.
That being said, the following factors are to be considered in effectively determining the rate and fees attached to your payday loan offer:
- Interest rates
- APR
Payday loan rates and fees also vary, depending on your current financial status, lender, and your payday loan terms.
A good knowledge of payday loan interest rates and fees will help you know exactly how to schedule your monthly payments on the loan offer properly.
Payday Loan Interest Rates
Your payday loan interest rate depends majorly on the kind of direct payday loan lender that you’ll be working with, your designated loan term, and your current financial condition.
But still, online payday loan interest rates usually fall between 15% and 20% of the principal loan amount. Also, while rates may differ widely, payday loan direct lenders may charge up to a 400% APR.
Thus, rather than just accepting the first payday loan offer you get from a lender, try and take some time out to conduct a quick background check and compare different instant payday loan offers for bad credit to find the best interest rate that best suits your lending purpose.
Late payment/settlement on a loan offer may accrue larger interest rates.

Payday Loan Repayment Options
Our different payday loan offers can be paid in full or part. But basically, all loan payments are meant to be settled at the end of the designated loan term (length of the loan).
A full payment of a payday loan offer covers the settlement of the initial principal loan amount and all accrued fees as listed in the loan term. This amount can be paid before or on the exact day when the loan repayment offer is due, which is usually set to your next payday, except otherwise stated.
The practice of paying back a loan offer by its due date gives you a better opportunity for more funding offers and at better rates, as this shows lenders that you are trustworthy.
Meanwhile, a part payment can come in pretty handy if you cannot keep up with your current loan terms and would love to extend it to a time when you know that you are comfortable paying back. But it’s important to note that this usually attracts higher payday loan rates and fees.
Whatever the issue may be regarding your payday loan repayment term, feel free to communicate it with your direct payday loan lender to see how the both of you can have it resolved.
Annual Percentage Rate (APR)
Every payday loan offer type has its specific annual percentage rate (APR), so it’s always best to check with your direct payday loan lender to confirm all corresponding fees.
Your payday loan annual percentage rate serves as a major factor that accounts for uniformity among different payday loan sources to ensure easy comparison in payday loan rates and give you an easy decision-making process for which kind of funding offer to go for.
Meanwhile, the Annual Percentage Interest Rate (APR) on an instant payday loan offer is calculated by dividing the total interest incurred by the offer by the principal loan amount and multiplying the result by a year-long period (365 days). The calculation result is then divided by the total length of days agreed for repayment of the loan offer. The final result is then multiplied by 100.
Mathematically, the APR calculations on a $500 loan that is to be paid back within a 30 days interval will look something like this:
Amount of interest on loan = 15% x 500 = $75
Thus, amount of interest = $75;
Amount of interest/loan amount = 75 ÷ 500 = 0.15;
(Amount of interest/loan amount) x 365 = 54.75;
((Amount of interest/loan amount) x 365) ÷repayment date = 54.75 ÷ 30 = 1.825
(((Amount of interest/loan amount) x 365) ÷repayment date) x 100 =182.5%
Now, you will notice that these online payday loan APRs are usually higher than most traditional loans offered by banks and other lending institutions. Still, one of the things you should know is that these funding options are just meant to help you survive a few days or weeks’ worth of financial setback(s) rather than several years’ worth of it. Also, payday loan funding requirements are less burdensome than other traditional sources.
Other factors that are to be carefully weighed when getting a payday loan offer include origination fees and other applicable charges, late payment fees, and refinancing options.