HOPE YEN, Associated Press

WASHINGTON (AP) — Federal regulators are putting together the first-ever rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau says state laws governing the $46 billion payday lending industry often fall short.

The bureau says fuller disclosures of the interest and fees may be needed. The annual percentage rate of such loans typically exceeds 300 percent.

Full details of the proposed rules are expected early this year.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday or give the lender permission to debit their bank accounts.

Charges often range from $15 to $30 per $100 borrowed.