Sometimes, the terms associated with payday loans, or any other loans for that matter, can be confusing and difficult to interpret. The purpose of this directory is to help assure that anyone who is shopping for a payday loan has the right tools to cut through the rhetoric and come away with a clear understanding of what each associated term means.
Annual Percentage Rate (APR) ? The annual percentage rate is defined as the cost of credit to the borrower in relation to the amount borrowed, expressed as a yearly rate. On mortgage loans, for example, lenders are required to disclose the APR, which also includes other loan costs such as points and loan fees that would be paid by the borrower.
Payday loans ? A payday loan is a short-term loan, advanced for two wee View the rest of this article
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