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Monthly Archives: August 2018

About Dealing With Illegal Payday Lenders

Find Out If They Are Licensed In Your State

Get in touch with your state’s Attorney General’s office. You can do a Google search for its website online, and from there get the payday loan laws of your state to confirm if the lender you are dealing with is licensed to operate in your state or not. For the states of Florida and Massachusetts, the operations of all Internet payday lenders are illegal. If you discover the payday lender is illegal or unlicensed, then take the following action immediately:

Close Your Account

Close your account immediately. But be aware that they have the reputation of not carrying out revocation order, and so may not close the account, therefore go to your bank and tell the Manager you want a hard debit block immediately placed on your account.

Let them know you are revoking ACH authorizations from illegal companies, and you need to do this to protect your money from been withdrawn by them because you understand that even though you have closed your account with them these companies don’t carry out revocation orders. You can print out a copy of payday loan laws of your state and give it to the Manager.

Ensure your bank heeds to this request

To be on the safe side, it is better you close that bank account to prevent the payday lender from later trying to debit your account as they already have your bank account details. Also, inform your employer about your action against payday lenders so that they don’t honor any request from any payday lender to send your wages to them.

Send Email And Letter To The Payday Lender

You will need to do a little research online for the email and physical addresses of the payday lender – type in the payday lender’s name into Google search and you will be able to get it. Send them an email as well as a letter to their physical address (this is good for your documentation).

Let them know you have researched and found they are illegal to operate in your state, therefore you will only pay back the principal sum, which is what you are supposed to pay even if their payday loans were licensed to operate anywhere in the US. Tell them you have revoked all wage assignments you may have signed with them, and so forbid them and their agents from having access to any part of your wages, or contacting your employer for the purpose of collecting your wage.

State that you have revoked ACH authorization to any of your personal accounts, and that you have closed your bank account, which they know about to safeguard your interest. Let them know you will be filing complaints against them with the Better Business Bureau, the Federal Trade Commission, and with your state Attorney General’s Office.

Basic Elements of Payday Loans

Payday lenders specialize in giving out small short-term loans to those who need the cash a few days until their next paycheck arrives. Payday loans decrease the financial stress you may feel, especially while waiting for your most likely monthly or bimonthly paycheck to be available to cash. Payday lenders understand this financial stress and that is why they provide customers payday loans.

As mentioned before, payday loans are a cash advance that lends a small cash loan until it is possible to receive your next paycheck. This process allows you to meet the needs of you and your family for the month.

Payday loans are then easily paid off the next time you get paid. Payday loans are processed easily and cash is handed to the customer within minutes. Today payday loans can be received in person but now many can even sign-up to receive a payday loan over the internet.

There are three basic steps that need to be accomplished to be qualified to receive a payday loan.

First, you will need to write a personal check for the amount you need, plus the lenders standard fee. Then, the lender will hold the check until your next payday or some other date that is agreed upon by both the lender and the recipient.

In order to qualify for a payday loan, you must have proof of a steady source of income, a checking account in your own name, and a state or federal ID. With this easy process you can be into the store and then back out with cash in hand in just a few minutes.

If you don’t get a payday loan, you may think about other options to make it to the end of the month. These may include writing a faulty check or not paying your bills for the month.

Writing a faulty check or making a late bill payment to get through the month are not good options. Choosing these options will lead to high fees and a bad credit rating. Work on improving your credit score, not hurting it. When you are in need of a little extra cash, a payday loan may be the best choice for you.

If you do decide to write a faulty check, it will likely bounce due to insufficient funds in your bank account. When you are writing a check it means that you have the money and are promising to pay it. The bank will quickly discover you do not have sufficient funds to support the amount you owe to the company who brought in your check. The check you wrote will bounce. When a check bounces, it leaves you with an overdraft fee ranging between $20 to $50. This fee will be automatically charged to your account. The bank will take it out when your next paycheck comes in.

In order to avoid this faulty check situation, payday lenders offer payday loans to keep you in the green til the end of the month. Payday lenders have a small fee added on for their services, just like any other loans, which is the APR. APR stands for annual percentage rate. This rate determines the amount of interest a person will pay during a year time span. For example, on a $50 loan you would be charged just over a dollar a day. This would end up being close to $57 at the end of one week.

Info of Loan Comparisons

Taking out a loan isn’t the easiest thing in the world, but with a quick look at your situation, you will find it is easy to see which type you should choose. Let’s do some loan comparisons and find out which loan is for you. The payday or payday advance-style loan is the quickest and easiest way to get a little extra cash when you need it. You simply bring in your previous pay stubs from work and they will advance you the amount of an average pay for several weeks.

This type of loan can be obtained at a variety of small business chains across North America. The biggest drawback to this loan is that the interest rate is quite high. However, if you need money fast, a payday advance can help.

Another type of loan is when we use the value of an asset, like our house or car, to get a loan. This is known as a secured loan. In the instances that you cannot repay the loan, you have agreed to use the asset as repayment. This type of loan works well if you need a larger sum of money. It usually has a decent interest rate, but can be long term. You may find yourself repaying for a while and paying out a lot of that small interest.

There is another type of loan that we all know pretty well. It is called an unsecured loan. This is the type of loan where you go to the bank, show your need and hope that they approve you for a loan. This type of loan is generally for those with a good credit rating.

There is no chance of having assets repossessed, and the interest rate is fixed. This is the safest way to borrow if you can qualify.

The last type of loan we are going mention is called a consolidation loan. The term ‘consolidate’ means to take many and make into one. With a consolidation loan that is exactly what you are doing. You are taking many different loans with many different interest rates and pay structures, and moving them into one.

Bad Credit Loans and Borrowing

A growing number of people these days are borrowing money because of personal debt. When debts mount up and it becomes a struggle to meet all the payments, a common course of action is to seek a debt consolidation loan. The principle behind consolidating your debts is that you use the new loan to pay off all your old creditors, leaving you with just a single new payment to deal with.

Apart from the fact that it is much easier to deal with only one payment, the other main advantage of a debt consolidation loan is that the new payment should be lower than the total of your previous repayments. Care must be taken, however, to ensure that the payments are not just less because the loan is spread over a much longer period, otherwise you can end up paying back much more in the long term.

It is also important that the interest rate on the new loan is actually lower than for the old debts. The best way to ensure this is to list out all your existing debts and the interest rates you are paying, then only consolidate those debts which are at a higher rate than the proposed new loan. Do not be tempted to automatically include every existing debt you have in the consolidation loan.

Payday loans are a relatively new form of borrowing for the UK. These are a specialist form of lending that often does not require a credit check. Payday loans are usually just for a few hundred pounds or dollars and generally just for a few weeks at a time. They are useful for dealing with small unexpected emergency expenses, but should not be seen as a way to deal with cash shortages due to ongoing debt problems. If they are used to cover ongoing shortages, the same problem will arise each month, which can lead to more and more borrowing. The other thing to be aware of with payday loans is that they should always be paid back on time, as the penalty charges are often extremely high.

An alternative way to borrow money if you have a bad credit rating is through homeowner secured loans. These are only available to people who own their own property and are a way of borrowing money which is secured against your home. What this means is that the debt is legally bound to your house, so if you do not keep up with repayments, the lender can arrange to have your house sold off to get their money back. The fact that there is the security of your house attached to the loan means that the lenders are less worried about poor credit ratings, and are often happy to lend much higher amounts of money.