Important information about payday loans

This is not a legal advice, just for your own information and safety.

• When you really need a credit - shop carefully. Compare all offers and options and chose the one that offers better financial terms (loan fees, down payment, types of credit costs and so on).
• Find out what charge your creditor will charge if you miss the payment.
• Check how high is the payday loan renewal fee.
• Always remember that if you need help and assistance to work out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. This service is available for free or a low fee.
• Apply for a loan that you can pay back in next payday.
• Remember, payday loans are expensive and have high APR rates.
• Under the Truth in Lending Act, the cost of payday loans - like other types of credit - must be disclosed. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate (APR - the cost of credit on a yearly basis). If you believe a payday loan lender has violated the Truth in Lending Act - file a complaint with the FTC. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them.