Learn How To Protect Yourself From Predatory Payday Lenders
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Payday Loan Protection

If you have an emergency situation that calls for a short-term loan, a payday loan is a helpful way to meet your financial crisis responsibly. However, it’s important to remember that "responsible" is the key word in "responsible payday loan use." Often times, consumers abuse the payday loan process because they lack the resolve or knowledge to use short-term, cash advance loans responsibly. It would be smart to learn more about payday loan personal management. It is also important for smart consumers to be aware of unscrupulous payday lending institutions that take advantage of people in legitimate need of a short-term cash advance loan.

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Payday lending institutions

By the early 1990s, many large-scale or national finance companies had moved out of the short term, cash advance lending market. Many national lenders did so because short-term cash advances tended to have lower returns than long-term loans, while service costs associated with both short and long term loans were relatively the same. But while the national finance companies pulled out of this market niche, the consumer need for short term cash advances remained. This created a market vacuum in which independent payday lenders, motivated by state deregulation of interest rates, were able to service a consumer need abandoned by larger financial firms.

Payday loan reform

Unfortunately, not all of the newly independent payday lenders were reputable when dealing with their clientele. Some disreputable independent payday lenders took advantage of state interest rate deregulation and began luring unsuspecting consumers into a cycle of debt. Some states, like Illinois and North Carolina, have enacted payday loan reform and usury legislation that limits the amount of interest a lender may charge and the amount of money a consumer may borrow at any given time. But, wherever you live, it is important to read and understand the terms of any payday lending agreement you apply for. 

Information and identity security

One of the many reasons why payday loans are so helpful to consumers who need cash quick is their easy access. If you have internet access, you have access to an affordable payday loan form that’s as fast as your web connection! Unfortunately, this poses a risk for identity theft. When you fill out the sign up form for a cash advance from a particular payday lender, ask yourself if you trust this lender with personal information like your Social Security number or bank account information. If you aren’t convinced your information is secure, don’t use that lender’s service!

Things You Need To Know

  • The payday loan process is one of the most helpful personal loans available for consumers who can pay their bills, just not until their paycheck arrives.
  • Most anyone can successfully get a payday loan.
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