Hello Friends,

Thanks for your helpful reply. As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount.

Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period. He need 1500$ borrowed. Please help...

OK, $1,500 dollars borrowed.

The fee would typically be between $225 and $450, so I'll pick a number in between that - $337.50.

The fee: Over 14 days (2 weeks times 7 days), you would be paying $337.50 / 14 days = $24.11 each day. You would be paying $8,800.15 in fees over 365 days.

$337.50 in fees for a 2 week loan is the same as paying 88 cents for each dollar borrowed. Dividing $1,500 by 88 gives $17.05.

The extremes:

$225 in fees for a 2 week loan is the same as paying 59 cents for each dollar borrowed. Dividing $1,500 by 59 gives $25.42.

$450 in fees for a 2 week loan is the same as paying 117 cents for each dollar borrowed. Dividing $1,500 by 117 gives $12.82.