Do you need a payday advance loan? Remember that state and federal truth-in-lending statutes require lenders to disclose the true cost of credit in the form of an Annual Percentage Rate (APR) prior to the actual extension of credit. APR disclosures permit consumers to readily compare credit costs. Fee information provided on internet payday advance loan web sites is often difficult to find. In addition, this information is provided in varying formats. Often only contract interest rates are quoted, as opposed to the APR. This has the effect of misleading consumers into believing the cost of credit is less expensive than it actually is. One survey of internet payday lenders found that APRs typically ranged from 300 to 500% and in one instance as high as 6,205%! Most frequently, however, internet payday lenders appear to emphasize fees as a dollar amount rather than an APR.

Compare different loan packages and you will see that loan packages are not all alike. Some are much better than others.