Whenever you are about to use a payday loan, there is an APR involved. An APR is the annual percentage rate. This is how much the money is going to cost you to borrow for one year.
For cash advances, APRs are usually very high. They are based on:
- the amount of money you borrow
- the monthly finance charge or interest rate
- how much you pay in fees
- how long you borrow the money
