Reforming Payday Advances Starts With Focusing On How They In Fact Work Every year, about 12 million Americans take down pay day loans. Interest levels are particularly high, with APRs averaging 390 per cent. The loan is repaid, the fees involved typically have far exceeded the original loan amount by the time. Fees compensated on these loans total about $7 billion per year, burdening borrowers—many residing paycheck-to-paycheck—who cannot pay for such economic stress. More powerful safeguards are coming. The U.S. […]