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GET Cash Until PAYDAY! . . . $100 OR Far more. . . Quick. The ads are on the radio, tv, the Internet, even in the mail. They refer to money advance loans or a payday loan - which come at a really high cost. Check cashers, finance businesses and other individuals are making modest, brief-term, high-rate loans that go by a selection of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Normally, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The firm provides the borrower the amount of the check minus the fee. Charges charged for money advance loans or a payday loan are typically a percentage of the face value of the check or a fee charged per quantity borrowed - say, for each $50 or $100 loaned. If you extend or roll-over the loan - say for one more two weeks - you will pay the fees for each extension. Below the Truth in Lending Act, the cost of payday loans - like other kinds of credit - must be disclosed. Amongst other information, you should get, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the expense of credit on a yearly basis). Loans secured by a individual check - such as a payday loan - is quite costly credit. Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the check until your subsequent payday. At that time, depending on the specific program, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks. In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan three instances, the finance charge would climb to $60 to borrow $100.Where to Complain If you think your lender has violated the law, you may wish to contact the lender or loan servicer to register your concerns. view site