Things You Should Know About Online Payday Loan Sites
Consumers Warned of Online Payday Loan Sites
For many years now, members of the credit industry all seem to have agreed that most payday lenders are simply hated and looked down upon mainly because of their sky-high interest rates. Another reason they are so reviled is the fact that it is often said that they lure unsuspecting consumers into a treadmill of debt. Getting payday loans can be like quicksand. Borrowers get in and then they cant get out. Thats why members of the media often call payday loan companies payday sharks.
On the other hand, payday lenders do provide a valuable service, albeit expensive, to consumers in need of immediate cash. With the introduction of online payday lenders, the process became even easier for anyone with a computer, Internet connection, active bank account and steady income. Customers dont even need to fax in any bank statements or proof of income anymore. With direct deposit and state-of-the-art verification programs, which all online payday lenders possess, the process can be completed in a matter of seconds.
No matter what other lenders and the media might say about payday lenders, there are a multitude of valid reasons why a consumer might apply for and receive a payday loan. After all, nobody in their right mind would rather lose a family member than pay the fees for a payday loan. How many consumers have gotten a payday loan to pay for emergency medical expenses? How many have gotten one to pay the bill at an animal hospital because mans best friend was sick or injured? And, how many jobs have been saved because a payday loan was available when a commuters vehicle broke down and required emergency repairs that they did not have the resources for? The list goes on. Basically payday loans are there when consumers need them for any reason whatsoever.
It may be true that some online payday loan companies may be downright predatory. There are some that can never be reached by telephone to discuss a borrowers financial situation or revise their due date to correspond with their payday. Some lenders debit money out of customers accounts long after the loan has been paid off. Others ignore state laws and overcharge borrowers and debit their accounts when the loan isn't even due yet. And still others sell consumers' personal information to the highest bidder. There are thousands of horror stories out there about consumers being abused by payday lenders.
There are certainly some payday lenders who are not guilty of any of the above and who actually try to help consumers in any way they possibly can. One such company is Payday Loan Today. They are a more responsible lender and they work hard to encourage more responsible borrowing. They do not advocate borrowers using payday loans for a long-term financial fix. Payday loans should only be used for short-term financial relief. They are flexible and their fees are clearly stated up-front, no surprises. There are no hidden fees or set-up charges like some companies. They offer live phone and e-mail customer support to help customers when they have a question or a problem. This company will never sell or rent a customers personal information to anyone. Their website protects consumer info with GeoTrust and they are business, security and privacy verified by TrustGuard.
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