Before you even consider applying for Payday loan you have to be sure that you understand what is APR. APR or Annual Percentage rate, it is the amount you will pay in interest charges per year. To figure out how much are you paying interest per day you need to divide APR by 365.
In the US and the UK lenders have obligation to disclose the APR before the loan is finalized. Therefore even if you qualify for a payday loan with wonderfully low APR, make sure you check the fine print. You need to check out what is the interest rate in case you are not able to repay received loan on due date.
Unfortunately, the true amount you will pay to lender is compound the cost of interest, meaning the cost of having payday loan could be greater than just a simple interest charge, particularly if you do not pay off your dept in time. Because you will be charged interest on any interest charges that are not paid in time, and any penalties and fees will be in addition to the annual interest calculation.
