Rates & fees, without the fine-print games
PaydayMetro doesn't lend money or set prices — your lender does, within your state's limits. This page explains how the pricing works so nothing in a loan agreement surprises you.
The fee-per-$100 model
Traditional payday loans don't quote an interest rate — they charge a flat fee per $100 borrowed, due when the loan is. Depending on state law, that fee typically runs $10 to $30 per $100. Your state may cap it lower or, in a few states, not cap it at all — check your state's page.
The APR math, worked out
Here's the full calculation for a typical loan, so you can verify any offer yourself:
- Borrow $300 for 14 days at $15 per $100
- Fee: 3 × $15 = $45 — you repay $345 on your due date
- Cost per day: $45 ÷ 14 = $3.21
- Annualized: ($45 ÷ $300) × (365 ÷ 14) = 3.91 → ≈ 391% APR
The same fee at 30 days would be ≈ 183% APR; at 7 days, ≈ 782% APR. Shorter terms mean higher APRs for the same fee. Use the cost calculator to run your own numbers.
Representative examples
| Product | Amount | Term | Typical cost | Total repaid | APR range |
|---|---|---|---|---|---|
| Payday / single-pay | $300 | 14 days | $45 fee ($15/$100) | $345 | ≈ 391% |
| Payday / single-pay | $500 | 14 days | $75 fee ($15/$100) | $575 | ≈ 391% |
| Small installment | $1,000 | 6 months | ≈ $632 interest at 199% APR | ≈ $1,632 | 36%–400%+ |
| Installment | $2,500 | 12 months | ≈ $1,190 interest at 79% APR | ≈ $3,690 | 36%–225% |
Illustrations only, using common pricing; your lender's actual terms will differ and appear in your loan agreement. {{VERIFY}} Figures should be reviewed against current network offer data before launch.
Why your state matters more than your lender
State law decides whether payday loans exist at all where you live, the maximum amount, the maximum fee, the minimum/maximum term, and whether rollovers are allowed. About 20 states plus DC cap rates near 36% APR, which effectively prohibits payday lending. See payday loan laws by state — it's the first thing our matching system checks.
The disclosure you should always read
Under the federal Truth in Lending Act, every lender must show you the finance charge (the dollar cost) and the APR before you sign. If an offer doesn't show both numbers clearly, walk away — and see how to spot a loan scam.
Representative example: a 14-day payday loan of $300 with a $45 fee ($15 per $100 borrowed) has an APR of approximately 391%. APRs on short-term loans are high because the fee is charged over a short period; your actual cost depends on your lender, loan amount, term, and state law. Installment loan APRs commonly range from around 36% to 400% or more depending on the lender and state. You will see the exact terms, fees, and APR in the lender's loan agreement before you sign — review it carefully and only sign if you can repay on time.
Cost questions, answered
Why are payday loan APRs in the hundreds of percent?
APR annualizes cost. A $15-per-$100 fee over 14 days doesn't sound like 391%, but if you kept re-borrowing at that price all year, that's what you'd pay. The APR is high because the fee is large relative to the short time you hold the money. It's the standard way to compare any two loans.
Does PaydayMetro set or charge any of these fees?
No. PaydayMetro is free for borrowers and never charges you anything. All loan pricing is set by the individual lender within your state's limits and disclosed in the loan agreement before you sign.
What fees can show up beyond the finance charge?
Depending on lender and state: NSF/returned-payment fees if a payment bounces, late fees, rollover or extension fees where allowed, and your own bank's overdraft fees if a withdrawal overdraws you. The loan agreement must list the lender's fees — read that section closely.
Are installment loans cheaper than payday loans?
Per month, usually — but not always overall. Installment loans spread repayment over months at APRs commonly between about 36% and 400% or more. You get smaller payments and more time, but interest accrues longer. Compare total repayment, not just the payment size.