How does a 300-dollar payday loan work?

When someone takes out a 300-dollar payday loan, they’re essentially borrowing money from a lender that charges an annual interest rate of 375%. After four weeks, the borrower will have to pay back the full amount plus additional fees and interest.

To put this into perspective, if someone took out a 100-dollar loan with the same terms, they would have to pay back only 33.33% of the original amount plus fees and interest. Read more here https://getcashohio.com/300-dollar-payday-loan/