Does everyone pay the same amount for a payday loan, or will the cost depend on things like how much money I make?
Typically, a payday lender will charge every customer the same rate for a payday loan. Payday lenders generally charge a fixed price for every $100 borrowed. Many states cap the charges at specific maximums and lenders may occasionally offer discounts, but in general these fees range from around $10 to $30 per $100 borrowed.
While the cost to borrow may not vary, your income may determine how much you can borrow. Many states set limits on maximum loan amounts, but – depending on your income and other factors – a lender may not offer you the maximum amount.