What are the payday loan rates? What does it cost?
Although payday loans are short-term cash advances intended to be paid off quickly, various Truth-in-Lending laws require financing disclosures to be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced to you expressed as an annual rate. This requirement provides uniformity among various credit sources, so you can compare rates and make the choice that is right for you. The effective APR for your loan will depend upon a variety of variables. These would include the number of days between getting the funds and the due date, as well as the specific state in which you reside. While payday loans are available in most of the United States, there are some states in which we’re unable to provide loans. To see what the effective rates are in the state that you reside, click here.
