Payday loan interest rates are capped in all states, but the amounts vary. You can check your state website to determine the laws that apply to you. Another significant benefit is you can get your loan deposited into your account in 1 business day in most cases. So, the funding speed is significantly faster than any other type of loan.
APR stands for annual percentage rate and it denotes your annual interest rate instead of a monthly charge. Your APR includes your interest rate and perhaps some additional charges such as document processing, guarantee, loan processing and application charges.