Beware Of Loan Sharks And Payday Loans

We have all heard about the shady loan services available which supply cash on demand at very high interest rates

. Oftentimes, people in need of money quickly have no other choice but to turn to some of these unscrupulous companies which offer fast cash with no credit checks. However, among these services, there are some that are better for consumers than others.

Of course there are brand-name chains of quick cash moneylending services available in most larger cities. For the most part these large franchise companies are safe to borrow money from on a short-term basis. But even these companies require extremely high interest rates compared to the rates charged by typical banking institutions. Of course the reason for these high interest rates is the fact that there are no credit checks usually involved and also no collateral is required. These services simply offer a very fast and highly convenient method for obtaining quick cash between paydays.

If a large franchise chain is not available in your city, you may have to settle for one of the private and hometown versions. Always do your due diligence before signing on the dotted line for any of these quick cash loan companies. Just an hour or two of making phone calls and asking them questions can save yourself much grief and a considerable amount of money when it comes to interest rates charged, additional fees, and any penalties that may be incurred for late payments should you not be a will to make your payoff on time.

There is a wide variety of fees and charges which can also be associated with the payday loan. And since these companies require access electronically to your bank checking account, it can be quite surprising at times when these fees are also deducted from your account in addition to the principal and interest which is charged. Usually, these loans are made for no more than 30 days and again, are simply a means of obtaining quick cash until your next paycheck. In no way are these services meant to be used on a regular basis since the interest rates are so large it would be far too costly for consumers to use them often.

Always first call the loan office before going in in person. In this way you can ask questions safely and get an idea about their customer service and how they approach you as a consumer for their service. If the person you call is very defensive and not forthcoming with some of the questions you ask, simply say thank you and call the next company. You should be able to find out all the information you need to know about a payday loan on the phone. Be sure and have a list of questions available that you can ask the loan agent. They should be entirely open and available in answering all of your questions without hesitation or giving you the idea that you absolutely must come in to their place of business before finding the answers to these questions.

Oftentimes, in some of the more unscrupulous offices, once you arrive in their office you are bombarded with high-pressure sales tactics used to get you to sign on the dotted line before reading the fine print or asking the proper questions about fees and penalties which could be associated with your loan.

by: Leo Kingston

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