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GET Cash Till PAYDAY! . . . $100 OR Much more . . . Quickly." The ads are on the radio, television, the Web, even in the mail. They refer to cash advance loans or a payday loan - which come at a really high cost. Check cashers, finance companies and other individuals are creating modest, brief-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Typically, a borrower writes a individual check payable to the lender for the quantity he or she wishes to borrow plus a fee. The company offers the borrower the amount of the check minus the fee. Fees charged for money advance loans or a payday loan are usually a percentage of the face value of the check or a fee charged per quantity borrowed - say, for every $50 or $100 loaned. If you extend or "roll-more than" the loan - say for another 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 - should be disclosed. Among other details, you need to obtain, in writing, the finance charge (a dollar quantity) 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 extremely pricey 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 until your subsequent payday. At that time, depending on the distinct program, 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 an additional two weeks. In this example, the price of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan 3 instances, the finance charge would climb to $60 to borrow $100.Where to Complain If you assume your lender has violated the law, you could wish to get in touch with the lender or loan servicer to register your issues. no credit check loans