Many people complain about the high interest rates associated with pay day loans. However, for many people payday loans are the only option available to them in their time of need. Still, many people complain that the companies take advantage of this, especially when it comes to no fax payday loans.

Interest rates for a pay day loan are typically between 390 and 780 percent. This is a broad range, and depends largely on the company, the type of payday loan, and the state in which the company is based. Some states have capped the interest at a certain level so that predatory lending can be discouraged. Other states, however, have no cap, and these companies are allowed to charge almost 800 percent in interest. Military personnel have the best interest rates since the government capped rates for military personnel at thirty six percent.

Other charges may also be associated with payday loans no fax. Some institutions charge a finance charge in addition to the interest for processing the loan, and a higher finance charge for faxless loans. In many cases, however, companies choose a higher interest rate to cover these fees rather than charging a separate finance charge for processing. When shopping around for payday loan companies, make sure that you get all information about their interest rates and finance charges before making a final decision and application.