APR annual percentage rate definition

APR annual percentage rate definition
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Payday Loan Glossary: APR annual percentage rate

APR or annual percentage rate is a measurement used to compare different loans offered by competing lenders, which takes into account both the interest rate and closing fees. APR includes specific costs of financing, both those paid at the time of closing and those paid over the term of the loan.



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Definition: APR annual percentage rate (Cash Advances)

Payday loans provide cash advances to people in need of quick money. The payday loan store (or online pay day provider) can assist consumers in paying off debts such as utility bills or emergency car repairs when the cash flow is not readily available from their bank accounts.

Alternatives to Payday Loans (Cash Advances): The FTC has the following suggestions when researching an online payday loan provider or store:
Compare the APR and the finance charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.
If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups in every state that offer credit guidance to consumers. These services are available at little or no cost. Also, check with your employer, credit union or housing authority for no- or low-cost credit counseling programs.

Payday Loan / Cash Advances Common misspellings:
payday, paydaie, peighday, peighdaie, paydya, payady, padyay
loan, loam, roan, lone, loin, roin, loen, roen, roam, olan, oran, lona, rona, 1oan, laon
cash, cache, cahs, csah, acsh
advance, advane, advace, advnce, avance, advanc, advenc, advahnc, advahnce, advahnse, advense, advence, advanse, adance, adanc, adenc, adence, adanse, adense


The cost of pay day loans, under the Truth in Lending Act, must be disclosed like other types of credit. You have to be provided with: the finance charge (dollar amount) and the annual percentage rate / APR (the cost of credit on a yearly basis).

Information on No fax payday loans and quick cash advances

Payday Loans Glossary of Terms - Define: APR annual percentage rate - 2004 HJ Ventures International, Inc.