State and federal truth-in-lending statutes require lenders to disclose the true cost of credit in the form of an Annual Percentage Rate (APR) prior to the actual extension of credit.Ê However, internet pay day lenders typically advertise fees as a dollar amount rather than an APR.Ê This may be misleading to consumers in determining the actual cost of the pay day loan.Ê One survey of internet payday lenders found that APRs typically ranged from 300% to 500% and in one instance as high as 3,042%,

Compare several of the links here and you will can see that rates vary considerably.