Mulling a Payday Loan? How Does 322% APR Sound?

In this economic climate of relatively low interest rates, who pays 322 percent in annual interest for short-term loans? Consumers who repeatedly take on payday loans. That’s right. The average consumer who may be short on cash, and gets payday loans to bridge the gap until the next payday, winds up shelling out 322 percent interest or more on the money borrowed. Or put another way, it’s an average $15 interest on every $100 borrowed in a $350 loan over …