Pay Day Loans
These short term, high rate loans are highly expensive and not a good deal for the consumer. These loans are advertised across all media spaces looking for people with desperate short term needs before their next pay day. The government treats payday loans like other types of credit: the lenders must disclose the cost of the loan. Payday lenders must give you the finance charge (a dollar amount) and the annual percentage rate (APR — the cost of credit on a yearly basis) in writing before you sign for the loan. So if you are still contemplating a pay day loan, make sure you know all of the facts.