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Payday Loans Articles
Payday Loan Tip #2: Beware of Risks from Internet Payday Lending
Using the Internet to borrow money carries unique risks. Not only will you have to pay the high cost for a payday loan and deal with the short repayment time, but borrowing money online also adds privacy and security concerns. Signatures are signed electronically on contracts. Also, required disclosures are sent electronically, and all you have to do to bind yourself to a contract online is click the "OK" button. Also, Internet payday loans can cost quite a bit more than those you receive from a storefront lender.
When you apply for a payday loan on the Internet, you
will be sending personal identification information,
your Social Security number, and your bank account information
to the lender. If the websites are unsecured, your security
and privacy are at risk.
All Internet payday loans require you to give the lender
the ability to electronically access your bank account
to deliver your money and take out fees and payment.
This creates a real risk for identity theft and fraud.
Most consumers are disclosing their financial information
to lenders they do not know.
Borrowers can be trapped into debt with Internet payday
loans. Because many online payday loans automatically
renew each pay period, the lender can withdraw the finance
charge electronically without having the borrower pay
any principal towards the loan. When consumers are ready
to pay the principal, they have to take extra steps
to make sure that the lender closes the loan correctly.
Finding these lenders is often difficult. Sometimes
Internet payday lenders are either offshore, or they
offer so little information that a consumer or consumer
advocacy agency cannot find them. This allows the lenders
to follow foreign laws or the laws in states that do
not have many consumer protections in place. While these
lenders are supposed to adhere to the laws in the state
where you are getting the loan, the state regulatory
agencies have a difficult time enforcing these laws
against virtual lenders.
If you have a complaint against an Internet payday lender,
file it with your state Attorney General, state regulator,
and the Federal Trade Commission. Remember, it does
not matter where the Internet lender is located, it
must follow your state's credit regulations.
Get Credit Counseling Help
Not everyone can benefit from credit counseling. You should evaluate all the choices you have to resolve your financial difficulty before you enter a credit counseling program. You can always work to develop a better budget and savings plan, or even negotiate with your creditors on your own. If your situation is serious, declaring bankruptcy is an option to consider.
If you do decide to use a credit counseling agency, take the time to shop around for one. Many companies who advertise on television or online are not actually credit counseling companies. They are actually companies known as credit repair companies. If you work with them, you will find that you are charged high fees for things that you could be doing yourself without any help. Talk to your friends and family members to get referrals. Also, check with the Better Business Bureau or your state's Attorney General's office to learn which of these agencies have any complaints filed against them. You can begin your search through the National Foundation for Credit Counseling, but be sure to take the time to look at many different agencies in depth before you choose one to work with.
Learn more about credit counseling. For more consumer tips, click here.
If you are a member of the military or are retired from active military duty, Military OneSource is where you can go to get help. Find the installation that is near to you and use their family service center or support center to get the financial help you need. You can find them by calling 1-800-464-8107. Another option is to check with a military relief society to get financial counseling. Those who are in the Navy or the Marines can contact the Navy Marine Corp Relief Society. Those who are in the Coast Guard can get help from Coast Guard Mutual Assistance.
Payday Loan Tip #4: Cope & Don't Borrow More
If you are about to be late with a rent, utility, or mortgage payment, take some time to talk to the creditor. If the bill does not carry interest, ask if you can make a payment arrangement. You might be able to delay the payment until your next paycheck arrives. You also may be able to set up a repayment schedule that allows you to stretch out your payments over time. Before agreeing to this, though, ask if there are any fees or extra costs for the service. Remember that getting behind on your payments on your bills could cause your credit rating to drop.
Some employers will allow you to have an advance on your paycheck. This is not a loan, but it is actually money that is taken out of the amount of your next paycheck. If your employer allows this, keep in mind that there may be a limit on how often you can request an advance.
Do not purchase expensive items until you have the cash available to do so. Even if it is a car repair that you need to have done, you can often put that off a few months by taking public transportation. You can also look into a carpool arrangement with other co-workers who live near you. This gives you the chance to collect the cash you need for the car repair.
You can always use your emergency savings instead of borrowing, but you must remember to repay yourself like you would a creditor.
There are also local charity and community programs designed to help families who cannot make ends meet. Take advantage of these. Also, you can sometimes apply for assistance programs for certain bills, such as your utility bills.
If you can, take on extra hours or work to earn more income. Overtime pay is a great way to add to your income. If you own something valuable that you no longer need, sell it to allow you to pay your bills.
Another option is to adjust your withholdings on your check so you have more money in your paycheck each week instead of getting a big tax refund at the end of the year. However, do not withhold too little, because that will cause you to owe taxes in the spring. If you can get an Earned Income Tax Credit, find out if you can get that credit paid in each check instead of at the end of the year at tax time.
