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What is the maximum amount a payday lender can charge for a payday loan?

April 26, 2017charge Lender maximum Payday payday loan

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What is the maximum amount a payday lender can charge for a payday loan?

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A. A payday lender may charge up to 23% of the principal of the loan. This amount must include all fees and interest except interest charged if the borrower defaults by not repaying the loan as agreed to in the loan agreement.