This cartoon, from Check Into Cash via Payday Pundit, looks at why using APR (a measure of annual interest) to calculate the true cost of a payday loan makes no sense (click the image for a larger view):
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Advance View is a blog about the Canadian payday loan industry. We write about current news, regulatory issues and initiatives, alternatives to cash advances and anything timely and topical that affects short-term lending options. Advance View is written by staff at 310-LOAN, one of Canada's original payday lenders offering Internet cash advances.
This work is licensed by 310-LOAN under a Creative Commons License.
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