Thursday, May 31, 2007

Avoid Payday Loan Scams

Avoid Payday Loan Scams


The internet is a great place to get cash advance it is quick comfortable and cost effective. It is also however, a very easy method of becoming a victim of fraud. Most borrowers apply for pay day loans to pay an unexpected bill, improve their car or for any personal use and don't have money at the same time. This issue can put many borrowers in frustrating situation and borrowers might even sign a payday loan agreement without thoroughly reading the payday loan agreement.


Scammers are aware to this act and some use the borrower's confusion for their own benefit. Therefore it is important to compare payday loan rates from at least 3 different online lenders.


Common payday loan scams


One of the most common scams around is when a so called lender offers a payday loan with very low rates. The same lender does not have an address or phone number on his website and requires you to send in more than the basic information. These payday loan scammers will not send you the money and eventually tell you that you didn't get approved for the loan. Most of these scammers are interested in your identity information such as social security number, copy of passport, credit card number and other personal information. Their main goal is a fraudulent act referred to as identity theft.


Avoiding payday loan scams


It is important to compare rates from different payday loan lenders in order to get a rough idea of the standard rates payday loan lenders offer. If you come across a website where the rate is very attractive (I would say less than 10%) work with the company ONLY if you know from past experience that you aren't being scammed. Make sure to read the agreement a few times and to pay special attention to the repayment plan and the fine print. Contact the lender (if he hadn't contacted you yet) after receiving the terms and condition and just before signing the dotted line. It is important you always keep an eye open for lenders that don't really own legit companies or who offers extremely low rates.

Wednesday, May 23, 2007

The Costs of a Payday Loan











The Costs of a Payday Loan


Different payday loan companies charge different amounts depending on if they are offering an incentive to borrow for the first time, or they are offering a discount for returning loans. However, for the typical two week payday advance, a borrower will pay at least $15.00 per $100 that they borrow, but it can be as high as $40.00 per $100 borrowed. This means that with the short duration of the loan, these loans can be as high as 400% to 500% annually. That is only for one loan, if a consumer has many loans it can be considerably higher.


Payday loans have been said to be costing consumers an average of $3.4 billion annually because not only do you have the first time payday loan customers, you often have borrowers who have numerous payday loans from various companies. This is becoming a chronic debt for them, with them often having to borrow more to pay other loans that they have taken out. Since the borrowers pay additional loan fees every time the loan is renewed, they can pay two to as many as five times the amount of the loan before it eventually gets paid off.


The costs involved in a payday loan often stem to just more than what they borrowed. As the finance fees get larger and larger, consumers are often forced to pay their payday loans as opposed to their other everyday bills just so they can keep getting more money. That means that they are falling behind on their mortgage, car payments, and even necessities such as groceries. Before you think about just the basic costs of a no credit check payday loan, you should consider what you will do if you can’t afford to pay the loan in full within the first pay period before you take out a no fax payday loan.










James Hammond has a PHD in electrical engineering from UCLA. He is a financial advisor and give advice on subjects such as payday loans.




Tuesday, May 22, 2007

Personal Cash Loans

Payday Loans


 


Personal Cash Loans - Avail Money Just When You Need It Most


There comes a situation when we require money urgently. Our salaries are not sufficient to meet such urgency after paying for regular expenses. So, personal cash loans become unavoidable. The main advantage of personal cash loans is that in most of the cases these loans get approved within hour of applying for them and so the lender electronically transfers the loan amount the next business day in the borrower’s bank account.


Instant cash loans are unsecured loans, approved without collateral. So the borrower incurs no risks in taking the loan. All a borrower is required to do is to mention in the loan application that he or she is getting monthly fixed salary. Just that fact is enough for personal cash loans approval. The borrower should also be having an active checking account. Also the borrower must be of at least of 18 years of age at the time of applying for the loan. And do not worry about your damaged past credit history. Personal cash loans are approved without any credit checks and so if you have late payments, payment defaults, arrears or county court judgments in your name, get personal cash loans without any credit fears and that too instantly.


As instant cash loans you are approved anywhere from £100 to £1500 as per what you earn per month as salary. The loan can be paid back when you get next paycheqe. The lender will automatically draw back the loan at due repayment date from your bank account. You can choose to extend the loan repayment for couple of more weeks on paying the lender’s fee. Personal cash loans are costlier as lenders charge high fee. Compare different lenders for a lower fee.


You can avail personal cash loans from online lenders for instant approval. Online lenders do not charge fee on loan processing and you save lot of money this way. Pay off the loan in time or lender will charge higher fee.


 


Payday Loans

Friday, May 18, 2007

Payday Loan Resource

http://payday-loan-canada.blogspot.com/


http://bad-credit-payday-loan.blogspot.com/


http://payday-advance-loan.blogspot.com/


http://quick-payday-loan-payday.blogspot.com/


http://easy-payday-loan-payday.blogspot.com/


http://easy-payday-loan-payday.blogspot.com/


http://faxless-payday-loan-payday.blogspot.com/


http://no-fax-payday-loan-payday.blogspot.com/


http://cash-advance-payday-loan-payday.blogspot.com/


http://payday-cash-loan-payday.blogspot.com/


http://no-faxing-payday-loan.blogspot.com/


http://quick-online-payday-loan.blogspot.com/


http://payday-loan-online-blogs.blogspot.com/


http://payday-loans-review-blog.blogspot.com/


 

Top No fax Payday Loan Companies

No fax Payday Loan

Top Loan Companies


My Payday Loan


The Cash Station


Cash Advance Man


Quickest Cash Advance


PaydayOK

No fax Payday Loan

What is a No fax Payday Loan ?

No fax Payday Loan

If you have ever used such service, please give your opinions here. With so many payday site out there, it's tough to find a payday loan site that suite YOUR NEEDS. Receiving real customer comments will allow for better rating of each company.

More Info on payday loans companies:

A payday loan site must be responsive and easy to use. Most companies will offer a one-time application process for multiple loans. Apply once and request a loan anytime.

Eligibility application is a one time process and the first step toward getting your cash before payday.

What is a payday loan?
A pay day loan is a short term personal loan that is repaid with a pre-authorized electronic withdrawal for your checking account on your next payday.

What if I have poor credit?
Most payday site will accept applicants who have had past credit problems. The best way to find out if you are eligible for a pay day loan is to apply.

How long will application approvals take?
or most sites, you can be pre-approved within minutes. Final approvals can take up to 24 hours. You will be notified by phone or e-mail of your application status.

If approved, how will I receive the money?
To save cost and expediate the loan process, payday loan companies will make a direct deposit into your bank account.


No fax Payday Loan

No fax Payday Loan

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