Rena Asked: can I take a payday loan out in a different state?

I live in Missouri and you can only take a payday loan out up to $500. Plus, the APR in Missouri is among the highest of any state. So I would have to pay $125 fee to borrow $500. In Illinois, you can borrow up to $800. I really need $600 and with the APR in IL, it would be a $93 fee, which is way less than Missouri. Would I be able to take the loan out in Illinois and pay what they have to? I live less than 15 minutes from Illinois.

Questions and Answers Asked: Do loan providers have to disclose the amount of interest added before requesting the customer to si

Yes, by all means. And the APR as well. They are supposed to go over the contract with you line by line. One more thing, something you probably didn't know, Even after you sign it, the loan is not final until you make the first payment. When you make the 1st payment it means that you totally accept the terms and conditions of the contract, but until then its still not a done deal.

Owen Asked: Payday loans criticism?

Hi I have recently seen a rise in payday loans in the UK (an import for the US). If you look at the APR these loans charge they are crazy. How come these companies get away with this and why does the FSA regulate against it.

It seems to me almost like loan shark lending – as people who take these loans are getting ripped off and if they cant really afford to take out a loan then these payday companies shouldn't be really allowed to give them. It reminds me (on a much smaller scale) of the sub prime mortgage loans they giving out in 2006 – loans which helped to start the 2008 financial crisis.

Rosalie Richerson Asked: APR story problem????????

Tim purchased a boat for $20,000 and put $2,500 down. He financed the remaining amount with a loan with an annual percentage rate of 3% for 4 years. What will his monthly payments be for the boat loan?(I'm pretty sure the equation PV= R(1-(1+i) ^-n / i is the equation to use. I'm not sure how to plug in the info