Is a payday lender required to offer me the lowest rate available?

No. Payday lenders are not required under federal law to offer a borrower the lowest available rate. Lenders generally offer payday loans at a fixed price. Many states cap the fees at a maximum amount, and some lenders may offer discounts in some cases. In general, payday loan prices vary from around $10 to $30 for every $100 borrowed. A fee of $15 per $100 is typical, which equates to an annual percentage rate (APR) of almost 400% for a two-week loan.

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