There’s some controversy surrounding payday loan interest rates that we’d like to clarify. Here’s what you need to know about the interest rates of these loans.

Payday loans can be a lifesaver to some. While, for other people, they can be problematic.

What’s the difference? Even if they’re using the same company, someone can have a negative experience and outcome if they’ve overlooked one major part of payday loans.

Knowing all about payday loan interest rates can really make or break the type of experience you have with these loans.

Pretty Penny helps people in need with loans of up to $500 and we do our part to reach out and keep people informed.

But payday loan interest rates can be a tricky subject, especially if you’ve never been in a situation where you have needed a loan before.

In times of financial stress or a life emergency, figuring out all the little details may feel like the last thing you want to do. Doing some research and really understanding what you’re signing up for is the key.

It all starts with understanding those interest rates and what they mean.

What you need to know about payday loan interest rates

Payday loan interest rates can be high for a reason

Lending out money for payday loans is a risky business. It’s done to help people in need but sometimes that does mean that they will ultimately be unable to pay them back.

Interest rates do reflect a company’s need to collect money to cover their own costs. And they can also serve as an incentive for people to pay back their loans.

Once interest begins to collect, a $500 loan can quickly grow to a much larger amount.

Some people write this off as “risk management,” but Pretty Penny understands that it can be a challenge to pay back a loan.

Our interest rate is 1% per day with an APR of 365%. You can compare that to companies that can charge over 560% APR.

Our rates can stay low because we keep our customers up-to-date with the expectations of payday loan interest rates and what they mean.

And, with the way APR works, if you are able to pay the loan back in time, you won’t be impacted.

How they effect your future

When you’re unable to pay back your loans and they fall into debt, interest rates can easily build up additional funds you’ll need to pay back.

This really can impact your future if you’ve borrowed money without a plan to pay it back.

Pretty Penny has a few steps in place to help fight this problem. We love to arm our customers with knowledge but we also step in ourselves.

For anyone applying for a loan, they’ll need to have a working phone, a job, or a guarantor. We also need customers to have a working checking account.

These qualifications can be easy to check off for some but it also shows lenders that you’re able to pay back loans and have a history of paying on time (like paying the monthly bill to keep your phone working).

If someone can’t meet these qualifications, they are going to be unable to get a payday loan and this will ultimately benefit them.

But what if you did meet these qualifications, got a loan, and then an additional emergency happened where you were unable to send in payments?

Going into debt and being unable to pay does impact your future. In NZ, filing for bankruptcy comes at a major cost.

You’ll have to face consequences like losing the ability to own or manage a business, have credit cards, and you may be denied overseas travel.

That’s why having a solid plan to pay back your loans and handle payday loan interest rates is key to avoid future headaches!

And if you have any hardships after getting a loan from Pretty Penny, be sure to contact us so that we can understand your situation and go from there.

You can avoid paying a lot of extra money

Even if your loan APR is on the higher end, it is absolutely possible to avoid paying a lot of extra money.

In a nutshell, the sooner you pay back your loan, the less interest you will be paying.

It’s why so many students and homeowners are in a rush to pay back their loans. When you have interest building over time, it only makes sense to pool resources and hustle to get everything paid off.

The same applies for payday loans. Create a plan and be able to stick to if to avoid additional fees and growing interest rates.

Choosing between interest rates and fees

If you are in a situation where you need a payday loan, you’ll want to consider the difference between collecting interest rates and the fees you may face by paying something late.

When it comes to rent and other important payments, sometimes the consequences are much harsher for sending in a payment that will bounce or not sending anything at all.

These are the cases where payday loans make sense and interest rates should not stop you from pursuing them.

Like we said, these rates don’t have to bog you down. If you’re able to put together a plan and work with your lender company, a good solution can happen!


Understanding how payday loan interest rates work is the first step in making sure your debt doesn’t grow. As you increase your knowledge about finances, you may also be surprised to get a few more tricks up your sleeve to manage everyday budgeting as well!

If you’re looking for some finance tips, we’ve put together a few blogs that you should check out. These include a breakdown of understanding the loans and their fees, and how to take out payday loans responsibly.

Even though payday loans come with and interest rate, the truth is that they can be a lifesaver to many people. Have you had an experience where a payday loan kept you out of hot water? We’d love to hear your story.

118 thoughts on “Payday Loan Interest Rates, Explained

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