Pay day lenders, short term lenders and these high risk lenders are now charging fees on top of fees. So, if you borrow $1,000 and the late fees are $100 they may then charge you a late fee of 1% on top of the $100. Fees on top of fees!
Especially for consumers who end up rolling one loan into another, high risk lenders may add fees on top of fees on top of fees. For example, if the first loan cost you $45 for a $300 loan, and you cannot pay it back on the due date, you may end up paying another $45 in fees plus fees on the $90 in fees. The loan agreement will spell out these fees and terms.
Again, make sure you understand the terms before you enter into one of these agreements. Do not sign any papers without understanding what you are agreeing to. And check into your options.