There are literally thousands of payday loan providers. There are commercials everyday on the radio, television, on billboards, on-line and in newspapers and magazines. Even though there are some laws, these businesses are virtually unregulated which leaves a lot of room for adverse situations to occur. Although the loans are readily available, they are not a fiscally responsible thing to use. Beware, these type of loans can become overwhelming. The Truth in Lending Act requires full disclosure of the finance charge (the dollar amount) and the APR, or annual percentage rate (the cost of credit on a yearly basis.) To avoid disclosing very high interest rates, a lot of these lenders refer to the costs as fees.

According to numerous accounts, these institutions prey on the less fortunate who end up on a debt treadmill. They can