subject: Cash Advances: Are You Being Smart With Your Money? [print this page] Money transactions can be a big gambleMoney transactions can be a big gamble. If it's your money, the concern is even bigger. With paycheck loans, you want money security. When handling these short-term loans it's important to be fully aware of what's going on.
First of all you want to know that the company you're borrowing from is legitimate. You may feel most comfortable going into the actual loan business. Borrowing money online can be a bit trickier. The drop in the economy paved the way for more lenders to take advantage of the situation. It's essential that you believe in your online lender. The company should have all policies and guidelines available for you to read. There should be no hidden fees or charges. You should know all expectations upfront. Companies who aren't transparent shouldn't get your business.
A good lending history is also an important factor. Although a company may offer good loan options, it's important to know if it does so responsibly. A hassle-free process shouldn't be a substitute for low or no standards. A good lender will not make promises that seem too good to be true. A simple way to analyze a lender is to go online. A number of financial articles websites can be valuable resources for you.
No doubt you don't want to be overdue on your payday loan repayment. The penalties can be extremely high, and it can further damage your credit. Still you should be aware of what the lender is entitled to do and how you should respond. It's unlawful for a lender or someone who claims to be a representative to harass you. Also, a legitimate loan representative will most likely not ask for personal or financial information over the phone at this point. If you ask, legitimate lenders should be willing to send you information in writing. To fight against harassment, report any suspicious or unlawful practices to an agency like the Federal Trade Commission.
A loan doesn't have to be a burden if you handle it carefully. It's important not to be afraid to ask questions. It's your money and no doubt you want to protect it.
