Our company makes a pledge to you that we are in compliance with all of the state and federal laws that govern the lending industry. We work to ensure that we are always offering our services in an equitable and open manner.
Payday Loans Are Not for Every Situation
Payday loans are a solution to a short-term and emergent situation. If you are having a long-term debt problem, a payday loan will not solve it. In the event that you need to refinance the loan, you will incur even more debt. Payday loans are best for those in the following situations:
1. The amount they borrow can be repaid on their next payday, and it is an amount that will help them out of their financial troubles
2. They will not consider refinancing their payday loans until they have reduced the principal a considerable amount
3. They have compared the rates and fees of several lenders before deciding to accept one
If you do not fall under one of the above three categories, credit counseling may be the best option for you.
The Rates and Fees
Payday loans require that you pay interest and fees, but you will know the dollar amount that corresponds to these rates and fees before you accept the loan. After the lenders approve you for a loan, they will send you their loan agreements where you will find the rates and fees you will need to pay. If you were to make a late payment or there are insufficient funds in your account when the lender seeks to withdraw what is owed, you may be charged additional fees. Your lender will not charge you any other fees that are not clearly listed in this agreement.
The Right to Return the Funds
You have the right to change your mind about accepting the loan after you sign the contract. However, you must let your lender know within the time period that is outlined in the contract. Otherwise, you may be assessed a penalty.
Making Late Payments or Non-Payment
In the event that the due date arrives and you have not made a timely payment, our lenders will contact you using the following methods:
1. Telephone calls
2. Email messages
3. Text messages
Our lenders will only use federally approved methods of debt collections as are listed in the Fair Debt Collection Practices Act (FDCPA). They may sell the debt to a collection agency if you do not make payment arrangements with them. We can assure you that our lenders only work with debt collections agencies that agree to perform their duties according to the FDCPA. Our lenders reserve the right to report to the major credit bureaus the fact that you are making late payments or that you have defaulted on the loan. This can result in a lower credit score.
The Possibility of Renewing Payday Loans
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