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Payday loans carry a wide range of interest rates and some might not even refer to their loan charges as interest rates but might call them fees instead. Regardless, the Truth in Lending Act requires lenders to disclose all of the fees and interest rates you'll be charged for borrowing money. This makes it easier for you to calculate the true cost of your loan.

The true cost of your payday loan is what is referred to as its APR (annual percentage rate). You'll want to use APR to measure the cost of your loan because this is the standard used to judge the cost of other types of debt like car loans and mortgages.

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