On average, online borrowers are charged an interest rate of about 650 percent, a full 261 percentage points above the national storefront payday lending average, according to a Pew Charitable Trusts report. The average annual percentage rate on credit cards, for comparison, is 15.
89 percent. Plain Greens interest rates top out at 378. 95 percent, and the company gives out loans for as much as 3,000 -- an amount that far exceeds the 500 maximum set by most states. While some states also limit how often person can borrow from a traditional payday lender in a set timeframe, some Plain Green borrowers have been able to borrow more frequently than their state regulation would allow.
Plain Green notes it does not allow borrowers to take out more than one loan at a time. Whats more, whereas traditional payday loans are secured with post-dated checks, online lenders often require direct access to a borrowers bank account.
As a result, many borrowers are hit with overdraft fees from their bank when the lender tries to make withdrawals to repay the current personal loan interest rates 2017. One-third of online payday borrowers said unauthorized withdrawals had been made from their bank accounts, according to a 2014 Pew report on fraud and abuse in the online lending industry.
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