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It is important to say before we go any further that payday loans should be used as a last port of call when all other options have been exhausted. If you can, always try to avoid taking out a payday loan as they often leave you with more financial problems that before.
Payday loans are very popular due to their fast processing and high approval rates, please note though their interest rates are high and their debt collection strategies are strict.
Answer:
Just to add to the above, with interest rates as high as 3,000 percent, it is indeed not a prudent option. But this must be added as well; should you apply for a payday loan, current banking practices are to refuse new applicants for mortgages or re-mortgaging. It may be more advisable to consider using a secured loan service, such as a pawn shop, where you have somewhat more flexible options and pay-back schedules. And most certainly, you'll never face the daunting experience of super-aggressive and often intimidating antics from collection teams.
If you live in the United Kingdom or Australia, consider contacting your Citizen's Advice Bureau, or in the US, some local Salvation Army offices provide assistance with debt management. Neither, however, assists with direct loans.
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Can you get sued by a payday loan company for moving out of state when you have a payday loan in the state that you are leaving?
Any lender has the right to sue regardless of the reason if you choose not to pay them back. Leaving a state where you took a payday loan is not a reason for a payday lender to sue you - not paying them back is.
Can a payday lender sue you if you were not approved for the loan?
No. If you were not approved for the loan, no loan was made and therefore you don't have any responsibility to the lender.
Are payday loan illegal?
Payday loans do hold a legal status however it depends on the states. We all know for a fact that there are rules before you can get a loan from a money lender or even a licensed money lender and that same goes for Payday loan.
Can you get a payday loan with out a bank account?
Actually it is not easy to get apply for a payday loan without having a bank account. It is not like any other loan where a money lender can easily assist you. However you can try consulting payday lender offices.
Can you get a payday loan at another payday loan place if you have a cash advance payday loan out right now?
Yes it is possible to attain a payday loan from another payday lender if you already have a cash advance payday loan. Since the loan is for a temporary period, it is not an issue if you have another loan. Also, there are no credit checks and so the process of attaining such kind of a loan is easy and hassle-free
How do you choose a cash advance lender?
To choose a cash advance lender you would look at things such as rates, speed of cash delivery, and your states payday loan laws. After all of those are checked you can find personal reviews of lenders online.
Can a investigator call you about a payday loan?
Yes, if he or she is acting on the behalf of the creditor/lender.
What does the process of payday lending consist of?
The process of payday lending consists of the lender supplying a short term loan for a flat fee. The loan is unsecured but the lender will usually require proof of employment or income. The borrower writes a post dated check and returns on the due date to repay the loan. If the loan is not repaid the lender will cash the check.
What if you dont have all the payday loan money at once?
You may be able to extend the loan, contact the lender. However, you should pay this loan off as soon as you can, payday loans have notoriously high interest rates.
What are some of the drawbacks of using a bad credit lender?
Using a bad credit lender, such as a payday loan service, can result in paying huge interest charges. To get a payday loan, you pay a small charge in interest. If you cannot pay the loan back in time, the small charge can grow into a large charge.
How do you get out of payday loans?
There are at least four (4) ways to get out of paying a payday loan, summarized as follows: * Repay the loan * File bankruptcy * Die * Ignore the loan, change bank accounts, and never use that payday lender again But according to me the best way in all 4 is the first one "Repay the loan" on time i.e. on your next payday.
Where can you get a payday loan?
There will be unexpected expenses that may trouble our money budgeting skills that is why people often resort to payday loan or what can also be call as advance loan. However, it is more than just asking for a loan from a money lender or any licensed money lender. It actually has a high interest rates and fees charged by payday lenders. There are a great number of payday lenders offices in US which you can easily search since most people find it much convenient online.
