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Payday loans can be a useful financial option when used properly. Unfortunately, many people are not aware of the debt traps that these lenders often set up. This article will describe some of the signs of a payday loan scam and offer alternatives for providing quick cash for those in need.
Some of the common signs of a payday loan scam are as follows:
Ridiculous and extremely high-interest rates. Payday lenders will often charge interest rates that are 50% or higher. For example, a lender might charge $15 for every $100 borrowed over two weeks. Banks will typically charge less than 20% annualized interest in most cases. Without understanding the terms and borrowing the money, it is easy to get stuck in a cycle that you cannot pay off.
Loan modification programs. The lenders will often try to convince borrowers that they can obtain a significantly lower rate through a loan modification program. While this might be true, the fee charged for this service is often exorbitant and even worse than the initial interest rate.
Prepayment penalties. Many borrowers are under the impression that they can pay off their loans early without being penalized. This is false and often results in an individual owing more money to the lender than originally borrowed.
Requirements for obtaining a loan in Bossier City, Louisiana:
- Must be a legal U.S. resident.
- Must have a Bossier Parish driver’s license or I.D.
- Must have a bank account or an active checking or savings account in the U.S. with the same address as your SSN.
- You may apply online at any America First Credit Union branch, Citibank, Wells Fargo Bank and Trust Co., Discover Bank, T.D. Banknorth, Chase Bank U.S.A. – please visit their websites for application information.
How to Find a Good Direct Lender in Bossier City, Louisiana Online
After deciding upon the amount you need and applying for a payday loan with a direct lender, it is time for you to choose how you will secure your funds. You will find that if you are working with a direct lender, this process will be very simple and easy. You can look online at various sites to find direct lenders and read their reviews to make the most informed decision possible before sending them any money. You can also look at what types of loans they offer, their annual percentage rate, and how many years it would take them to pay off the loan. It would be best to look at what interest rates they charge and how long it will take them to pay off the loan. Some of the average timeframes for direct lenders include six to nine months for individuals seeking small loans of $500 or less and three to four years for individuals seeking larger loans of $5,000 or more. Some direct lenders will give a loan for as little as one month, and some direct lenders require two to three months before they start making payments.
Tips on Working with a Direct Lender in Bossier City, Louisiana
It would help if you considered several things when working with a direct lender online. These include knowing exactly how much money you need and what it would cost to get a loan from your bank or other financial institution. Know how much you can afford to pay toward your loan each month. Make sure you have an emergency fund, so you don’t have to rely on these payday loans in the future. You will probably want to look at getting a loan from a friend or family member if your credit score is suffering. It would help if you always asked for collateral when borrowing money from family or friends.
Direct lenders are more likely to work with people who need smaller loans, those who have good credit scores, and when the borrower has a steady income and financial history.
Cash Advance Online in Bossier City, Louisiana
Cash advance lenders may also be known as payday lending companies. These are the most popular cash advance lenders because they offer smaller, short-term loans to people who need fast cash.
Some states have implemented laws that protect their citizens and regulate the industry by requiring payday lenders to state how much information they will provide to a customer and where their office is.
24 Hour Payday Loans in Bossier City, Louisiana
Payday lending companies are required to charge a certain interest rate. If a state law regulates the maximum interest rate they can trust, they must abide by that law. These states include South Carolina, Ohio, and Texas.
If your state does not regulate these lenders, they will be allowed to charge customers an amount of their choice.
Can you get a payday loan in Bossier City, Louisiana, without a bank account?
Be wary of lenders who help you fill out paperwork to get a payday loan in Bossier City, Louisiana, with no bank account or employment verification. They are most likely scams designed to get you to give your personal information and snag you into a fraudulent loan contract.
If you don’t have an income, if your job does not cover all of your living expenses, then any cash advance lender will want a piece of whatever pawning off for such is what the individual has. The payday loan lender will want you to be their banker. But if the individual does not have a bank account, it will be nearly impossible for them to provide anything in the shape of collateral.
Having a job and receiving a monthly income is one of the biggest things they will look at when deciding whether or not to loan out a cash advance in Bossier City, Louisiana.
Emergency cash advance loans are only supposed to be used for an unexpected bill, such as a home repair, car repair, or medical emergency. Unfortunately, it is easy for scam artists to use these people’s desperation and over-burdened budgets to steer or even entirely change their repayment arrangements. If they have no other options, the individual may let them take their money but should know that they will not get their money back when your need arises.
FAQ
Why? We do not need to put an insidious interest rate on you.
Making the hard decision to secure the cash advance that you need is tough enough.
We want to find a direct lender as easily as possible for you, so we offer this chance to borrow money at a low-interest rate. You can eliminate the emotional burden of choosing between necessities and luxuries when choosing a payday loan by contacting us today.
You can also reach us through our social media platforms.
Filling out the form that we have provided only takes a few minutes.
The process is simple and easy to understand, so we provide it free of charge.
The form will ask for basic information about you, such as your name, address, and employment status.
You’ll also need to enter more personal information, such as your email address and social security number.
We look at each application individually, so it should not take long for us to get back to you if your application is approved.
Our business is to provide you with a consumer service that you can trust.
First of all, all of our cash advance lenders are licensed and bonded.
More importantly, our short-term loans are good in Bossier City, Louisiana, because they are a great way for you to get the money you need when it’s needed at an affordable interest rate.
Our services are provided by knowledgeable people who use our website every day.
We are not a fly-by-night operation. If you are searching for the best way to get a payday loan, we should be your first choice.
Additionally, our cash advance lender services can offer fast cash advances which you can use on just about anything.
There are certain things that we need upfront before approving your application online, but otherwise, it should only take a few minutes before getting the cash advance loan you need.