Have you ever checked your spam box? If so, I am sure you are getting lots of emails from different questionable companies. Unfortunately, lending companies are also on the list. Are they really that bad? Some are and some are not. To be honest, we are responsible for giving bad feedbacks to these companies. But maybe it is time to start from ourselves. There are many common mistakes that borrowers do. And it is not a surprise. Just imagine next situation: you have an emergency and need 200$-300$, there is no need to turn to a bank as amount is not too big, your friends and family are occasionally short of money and your payday is still far away. What is your next step? You apply for a payday loan online. Since you are in a hurry and your thoughts are occupied with something else, you don't pay much attention to the details. Here is the list of information you need to check before you decided to take out money form a lender.
1. First and the most important thing to remember is that the main idea of this service is that it is meant to be for a short period of time. Be ready to pay back with the interest. Do not take money for a sudden desire to buy on more pair of jeans (even if they are on sale now). This online tool should be only for emergency cases.
2. Check if it is legal in your state. You might not know this information, but some state forbid such companies. That is why there too many scammers our there, whose interest will be huge. Here is a list of states where this business is prohibited: Arkansas, Arizona, Connecticut, District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Vermont, West Virginia
As for the others states, payday loans is a legal thing. BUT! Every state has different regulations, that is why it will be reasonable to check rules for your state.
3. Every law implies the knowledge of it. Know your law, know your rights. Same thing happens when you borrow money, government recourse can become very informative
1. First and the most important thing to remember is that the main idea of this service is that it is meant to be for a short period of time. Be ready to pay back with the interest. Do not take money for a sudden desire to buy on more pair of jeans (even if they are on sale now). This online tool should be only for emergency cases.
2. Check if it is legal in your state. You might not know this information, but some state forbid such companies. That is why there too many scammers our there, whose interest will be huge. Here is a list of states where this business is prohibited: Arkansas, Arizona, Connecticut, District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Vermont, West Virginia
As for the others states, payday loans is a legal thing. BUT! Every state has different regulations, that is why it will be reasonable to check rules for your state.
3. Every law implies the knowledge of it. Know your law, know your rights. Same thing happens when you borrow money, government recourse can become very informative
4. Consult with customers affair department and department to make sure you are dealing with a legitimate lender.
5. The protection of your personal information. It will protect you from becoming a victim of identity thieves. Try to memorize that if you see "https" at the beginning of an address, you can relax as the "s" shows that the connection is secured
6. Learn your limits. Don't take more than you can return.
7. Just like any debt, this type of loan need to be paid off on time. As this will keep your credit rating untouched and prevent you from getting into a bigger debt.
With these easy steps you will not experience any problems with online money lenders. And as for unhappy customers, just ask them how many steps out of these 7 have they actually followed. I bet not more than 1-2.
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