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GET Money Until PAYDAY! . . . $100 OR More. . . Fast. The ads are on the radio, television, the Internet, even in the mail. They refer to cash advance loans or a payday loan - which come at a very high cost. Check cashers, finance companies and others are generating modest, short-term, high-rate loans that go by a assortment of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Usually, a borrower writes a individual check payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the check minus the fee. Charges charged for money advance loans or a payday loan are normally a percentage of the face worth of the check or a fee charged per amount borrowed - say, for every $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. Under the Truth in Lending Act, the cost of payday loans - like other types of credit - need to be disclosed. Amongst other information, you must obtain, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis). Loans secured by a individual check - such as a payday loan - is really expensive 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 till your next payday. At that time, based on the particular plan, 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 yet another two weeks. In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-more than the loan three instances, the finance charge would climb to $60 to borrow $100.Where to Complain If you believe your lender has violated the law, you could wish to contact the lender or loan servicer to register your concerns. a guide to quick loan