What do you think payday lenders base their fees on?

Answer 1

Payday lenders typically base their fees on various factors, including the amount borrowed, the duration of the loan, and the borrower's creditworthiness. However, since payday loans are often high-risk and short-term, the fees are generally much higher compared to traditional loans. Moreover, payday lenders may also consider the state regulations and market conditions when determining their fees.