What must Lenders Disclose for Payday Loans?
Payday Lenders must disclose the following in writing before the consumer signs the loan:
1. The cost of the loan;
2. The finance charge (a dollar amount); and
3. The annual percentage rate (APR — the cost of credit on a yearly basis) in writing before you sign for the loan. The APR is based on several things, including the amount you borrow, the interest rate and credit costs you’re being charged, and the length of your loan.
For more information, see here: https://www.consumerfinance.gov/compliance/compliance-resources/consumer-lending-resources/payday-lending-rule/
AND
https://www.ftc.gov/news-events/topics/consumer-finance/payday-lending
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