How does it work?

How can You Protect Yourself from Payday Loan Scams?

Speedy payday loans are obtained pretty quickly and are short-term. There is no hassle of credit checks and paper works. Banks are not an option when it comes to borrowing a small amount of cash for an emergency purpose. The features of payday loans are as follows.

  • Quick source of money,
  • Have a high rate of interest,
  • Allows you to borrow small amount of money
  • Is borrowed for a short period of time

States that offer payday lending options usually have laws and regulations in order to protect the consumers. However, it is easy to get stuck in the cycle of debt. The risk is quite high, even if you are using a law-abiding and legitimate payday loan service.

Payday loan guaranteed

How Can You Avoid Payday Loan Scams?

  • Check the License: States that allow quick loans provide licensee that the businesses can apply as this certifies them as a direct payday lender. It is necessary to check on the license while looking for a payday loan service. This is because a licensed business has to comply with the laws of the state to avoid having it revoked. This ensures you enough protection. Shady loan services will either operate from outside or will not have a license. You should make it a point to avoid these kinds of services to get payday loan guaranteed
  • Look out for Hidden Fees: You should read the terms and conditions carefully while getting payday loan guaranteed before signing on anything. One way by which all predatory lending companies deceive the customers is through hidden fees. A majority of the states have a fixed fee for a particular amount of money. It is necessary to find that fee so that you are able to tell whether you are being charged more.
  • Don’t Send Money in Advance: Payday loans are filled with various types of trickery. Many times, the disreputable companies will ask you to send some amount of money in order to cover the taxes and application processing. This generally means that the service is not trustworthy and legitimate. Speedy payday loans services that are authentic will accumulate all associate fees when the payment is due.
  • Make Sure That You Can Get In Touch With Them: It gets much easier to deal with a lending company if you are able to speak with the representatives over the phone. It is even better if you have the physical location of the payday loans service so that you are able to talk with someone in person. If you come across a service that has only provided the email address, think twice before applying for the loan.
  • Check the Rating on Better Business Bureau: Though this is not a perfect method to ensure reliability, yet Better Business Bureau is a good resource for the consumers. Through this, you will be able to find information on the company including the number of customer complaints, past violations, and the way in which the company has handled these complaints. You will also get a rating on their overall performance.
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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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