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The ads are on the radio, television, the Internet, even in the mail. They refer to payday loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit loans. The Federal Trade Commission, the nation’s consumer protection agency, says that regardless of their name, these small, short-term, high-rate loans by check cashers, finance companies and others all come at a very high price.

The federal Truth in Lending Act treats payday loans like other types of credit: the lenders must disclose the cost of the loan. Payday lenders must give you the finance charge (a dollar amount) and 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.

The bottom line on payday loans: Try to find an alternative. If you must use one, try to limit the amount. Borrow only as much as you can afford to pay with your next paycheck — and still have enough to make it to next payday.

Traditionally, a payday loan, also known as a cash advance , paycheck advance or payday advance, was a loan that was repaid on or before the borrower’s next payday. Today, repayment of a payday loan may not always be directly tied to a borrower’s actual payday.

Payday loans are usually due on or around the borrower’s next payday. This might be in a week or a month but is rarely much longer than that. Unlike an installment loan , which consists of multiple payments, payday loans usually have just a single payment.

Borrowers don’t need to offer collateral to take out a payday loan. Collateral is something valuable in the borrower’s possession — the deed to a car, for instance. If the borrower fails to repay the loan, the lender seizes the collateral, regaining some or all of their money. Unsecured lending is riskier for the lender, and because of this, unsecured loans are usually for lower amounts and have higher interest rates.

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