subject: Cash Advances: What's Right and Wrong [print this page] Cash Advances: What's Right and Wrong Cash Advances: What's Right and Wrong
Whether you're investing, borrowing or spending money it can be full of risk. This is especially true if it's your money that you want to protect. The payday loan system often fits this mindset. Like all money decisions, it's important to make them wisely. One vital rule is to work only with a reputable lender. Going into a cash advance store is a good way to judge its character. Borrowing money online can be a bit trickier. When lenders promise easy money in hard times, many people turn to them as a lifeline. Borrowing money online is only acceptable if you can depend on the business. One of your requirements should be that the company makes all its lending practices available to you. All company's have a borrowing fee and a fee for late payment. Your lender should be willing to tell you these upfront. You should pass up any lenders who aren't completely open with you. A good lending history is also an important factor. You want a business that lends money sensibly. 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 little Internet research can be a big help when choosing a legitimate lender. Consumer watchdog groups, financial articles and customer forums are all good sources to determine if a lender has a good history. When it comes to paying back your cash advance, you know it's best to pay on time. The nature of the cash advance business is to impose harsh penalties for late payment. If you do find yourself in that situation, however, you should know your rights about repayment. It's unlawful for a lender or someone who claims to be a representative to harass you. You shouldn't give bank account, credit card or important personal information over the phone unless you know the person with whom you're dealing. If you doubt what the person is saying, it's a good idea to ask to have the loan information sent to you in writing. If you are harassed, you can call or e-mail several groups that work to protect consumers. There's one vital key to handling loans: be smart. It's important not to be afraid to ask questions. It's your money and no doubt you want to protect it.
