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GET Cash Until PAYDAY! . . . $100 OR Far more. . . Fast. The advertisements 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 quite high price. Check cashers, finance companies and others are making small, brief-term, high-rate loans that go by a range of names: payday loans, money advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Generally, a borrower writes a individual check payable to the lender for the quantity he or she wishes to borrow plus a fee. The business offers the borrower the amount of the check minus the fee. Fees charged for cash advance loans or a payday loan are usually a percentage of the face worth of the check or a fee charged per amount borrowed - say, for each and every $50 or $100 loaned. If you extend or roll-over the loan - say for an additional two weeks - you will spend the charges for every single extension. Below the Truth in Lending Act, the expense of payday loans - like other sorts of credit - should be disclosed. Among other details, 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 personal check - such as a payday loan - is really pricey credit. Let's say you write a private 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, depending on the specific strategy, 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 one more two weeks. In this instance, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-more than the loan three times, 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 get in touch with the lender or loan servicer to register your concerns. payday advances