Description: In addition to high-interest rates, payday loans come with high service fees. For example, a customer borrowing $100 for two weeks will pay $15 in fees and interest. This amounts to an annual percentage rate of 391% or 391 percent. The average interest rate on payday loans is about 12% to 30%, and it's important to note that this rate can increase to as much as 600 percent if a payday loan is not paid on time. The amount of money you can borrow from a payday lender is usually based on your income. You need to supply the lender with a copy of your paycheck or postdated check, as well as a current checking account. Some payday lenders require authorization to deduct funds from your account. Check https://empire-finance.com/payday-loans.