To illustrate a payday loan transaction: an individual writes a check for $115 and receives $100 in cash, but the lender agrees not to cash the check for two weeks. The actual cost of the 2-week loan is the $15 difference, which works out in this case to an annual percentage rate (APR) of 390%. If the individual cannot afford to have the check cashed on the agreed date, he or she may decide to pay a separate finance charge of $15 to roll the loan over, increasing the total finance charges to $30 for a $100 one-month loan. Our Lenders usually do not conduct any credit checks on prospective borrowers other than verifying their checking accounts and employment. Please note: The 1000 dollar payday loan figures used are only as an example the APR employed varies from state to state and lender to lender.