FINANCE
Why a $15 Fee Becomes a 391% APR
The Stated Cost: A Flat Fee
Lenders charge $15-$30 per $100 borrowed. This structure obscures the loan's true annualized interest rate.
The Annualized Cost: A Debt Trap
Calculated over a year, that fee compounds to a 391% APR. Federal data shows this cycle traps most borrowers.
Analyze Lower-Cost Alternatives
The full report compares APRs and terms for 5 safer options before you borrow.
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