Cap Payday Loans at 36% APR

36% APR cap

Special thanks to PHOCUSED for their work in compiling the research for this infographic

Learn more about payday loans and their consequences here.


A Template for Success: The FDIC’s Small-Dollar Loan Pilot Program, Federal Deposit Insurance Corporation

Payday Lending State Statutes, National Conference of State Legislatures

The Net Economic Impact of Payday Lending in the U.S., Insight Center for Community Economic Development

Why 36%?: The History, Use, and Purpose of the 36% APR Cap, National Consumer Law Center

APRs for different financial products vary depending on the type of loan and the borrower, but none come close to approaching the 460% APR of a payday loan. The APRs shown are based on rates for an auto loan and mortgage from First Hawaiian Bank, an unsubsidized undergraduate federal student loan, the average credit card (as reported by Bankrate for the week of March 12, 2015), and a personal loan from HawaiiUSA Federal Credit Union.