Since the AP used information provided by CFSA:

The average fee for a $100 payday loan is $15.

If you translate that two-week advance into an annualized rate, as on a credit card, you’re looking at a 391 percent interest rate.

By that measure, the payday lending industry says its rates are cheaper than the alternatives available to risky borrowers. Here’s a look at some options borrowers in a pinch might use, and how they stack up against payday loans.

The calculations assume the fees are for $100 in credit or charges for two weeks.

Fee — Loan Type — Annual Percentage Rate

$15 — Payday loan — 391 percent

$29 — Overdraft fee on checking account — 755 percent

$37 — Credit card late fee — 965 percent

$56 — Bounced check fee — 1,449 percent