subject: Paycheck Advances: How Do You Know What's Legit? [print this page] Whether you're investing, borrowing or spending money it can be full of risk. This is especially true if it's your money that you want to protect. The payday loan system often fits this mindset. Being aware is the best way to protect your money.
One vital rule is to work only with a reputable lender. If you go to a payday loan business, it's pretty easy to judge. It may be harder to critique the validity of an Internet lender. With the economy in bad shape, many more online loan lenders popped up to take advantage of people needing money. It's essential that you believe in your online lender. It's a good idea if there's an open policy that allows you to see the company's regulations in writing. Before you borrow money, make sure you know how much you are expected to repay. Companies who aren't transparent shouldn't get your business.
Another important factor is finding a lender with a strong lending history. Enticing loan options don't make up for a company that isn't reliable. Even though the payday loan process is simple, you want to have smart standards. Watch out for lenders who make grand promises. A little Internet research can be a big help when choosing a legitimate lender. Consumer groups and lawyers are only a couple of the groups who have articles that analyze these kinds of lenders.
It's a no-brainer that being late on a repayment is a bad idea. The late penalties on payday loans are very stiff. Should you find yourself with late payments, you need to know your legal rights. A legitimate lender should not call to harass or threaten you. It's dangerous to give personal information like a social security number or credit card numbers on the phone. Remember you always have the option to request that loan information be mailed to you. One of the best ways to fight harassment is to report the person or company to an agency like the Better Business Bureau.
There's one vital key to handling loans: be smart. Don't be afraid to ask questions or do a little research. It's your money and no doubt you want to protect it.
by: Marlon Jackson
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