Payday Loan Cash Advance Glossary

APR:
This stands for Annual Percentage Rate and is the yearly rate charged to a consumer to borrow the finance company's money. APR is normally expressed as a percentage.

Cash Advance:
An amount of money borrowed until payday. Also see Personal Loan

Due Date:
This is when the payday loan (or cash advance) is due.

Finance Charges:
This is the amount

Interest:
This is the amount charged by a finance company to borrow the money.

Issuer:
Also known as the lender.

Payday Loan:
An amount of money borrowed until payday. Also see Personal Loan

Personal Loan:
This is an unsecured loan not backed by collateral, often used over a short term basis to cover unexpected expenses like emergency car repairs or to pay bills on time to protect credit rating.

Principal:
This refers to the amount borrowed