Below we compare the range of interest rates available in today’s market from direct lenders
Payday Loan Annual Interest Rates Compared
|JL Money||119.98% PA||Short Term Loan Lender|
|Vivus||146% PA||Payday Loan Lender (rate applies to first loan only)|
|MoneyBoat||255.5% PA||Short Term Lender|
|MyJar||274% PA||3 Month Loan|
|Uncle Buck||292% PA||Short Term Loan Lender|
|Sunny||292% APR||Short Term Lender|
|247 Moneybox||292% APR||Short Term Lender|
Many people think that all lenders charge the maximum interest rate they are legally able to (292% per year) however this is not actually the case. Here on allthelenders we work with over 30 different payday loan lenders and above we have listed just some of the different rates available in the market today. By simply comparing payday loans you could save yourself some considerable money.
Comparing the cost of a payday loan or a short term loan can often be confusing. With so many different loan providers and interest rates you may never be sure exactly which loan suits your needs best.
When comparing the cost of these loans, generally you will see two different ‘interest rates’, the APR and the Annual Interest Rate.
An APR is an Annual Percentage Rate, used to calculate and show the rate of interest for a loan over a year. For payday and short term loans using the APR as a measure of the cost of a loan would be not only extremely difficult but a relatively fruitless exercise. The Annual Interest Rate is generally a better way to calculate the cost of a loan. The maximum annual interest rate a lender can charge is 292% (0.8% per day).