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Federal Student Loans natural disaster APR:  The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan.  Larger loans with longer payback periods have lower interest rates.  While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks.  Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company. $5000 loans are not too small or too big an amount to be paid in a month if you have a steady paycheck. As such, if you want to get that amount fast, you should have a payday loan. Payday loans are exclusive for people who are employed; however, payday lenders may give special consideration to people who are self-employed or are running a family business. However, if that is the case, then SBA loans are better to take out if you need further funding for a small business.
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