Here's how it works :

A borrower writes the lender a personal check payable  for the amount they wish  to borrow plus a fee. The lender gives the borrower the amount of the check minus the fee. Fees charged for payday loans are most often a percentage of the face amount of the check or a fee charged per amount borrowed - i.e. for every $50 or $100 borrowed. When you extend or "roll-over" the loan -for example for another two weeks - you will pay additional fees for each extension.

Under the Truth in Lending Act, the cost of payday loans  must be disclosed. You must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis) for the loan.

A cash advance or payday loan that is secured by a personal check  is very expensive credit. When you write a personal check for $115 to borrow $100 for up to 14 days the check casher or  lender agrees to hold the check until your next payday. Depending 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 another two weeks. The cost of the initial payday loan is a $15 finance charge and 391 percent APR. If you roll-over the payday loan three times, the finance charge would climb to $60 to borrow $100.

Check with several lenders before you commit yourself. A payday loan can help you solve an immediate problem, but don't become dependent on them.

Do you need Money Fast in order to: Avoid outrageous bounced check fees? Get your car fixed so you won't lose your job? Pay your bills before you get penalized? Have fun, travel or any other reason? Apply Now!