Do you need a pay day loan? Remember that 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. APR disclosures permit consumers to readily compare credit costs. Fee information provided on internet pay day loan web sites is often difficult to find. In addition, this information is provided in varying formats. Often only contract interest rates are quoted, as opposed to the APR. This has the effect of misleading consumers into believing the cost of credit is less expensive than it actually is. The Division's survey of internet pay day lenders found that APRs typically ranged from 300 to 500% and in one instance as high as 6,205%! Most frequently, however, internet pay day lenders appear to emphasize fees as a dollar amount rather than an APR.

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