Applicants, Beware: Protect Yourself and Payday Loans Could Pay Off
By J.J. CameronPayday Loan Writer
Are payday loans ever a good idea? As you skim through articles that speak to the dangers of these resources and how the overwhelming APR will always come back to haunt those that acquire them, you're probably wondering whether or not a cash advance can ever come in handy.
As long as you protect yourself against certain dangers, the answer is YES. For example, always be careful about identity theft. In order to be approved for a loan, you'll have to supply lenders with a few pieces of personal information.
Beware of how many people view your proof of employment or identification. You may wish to avoid the hassle of fax machines because these expand the possibility that strangers may see specific financial facts or statements. Focus on a payday advance company that specializes in faxless loans. Many online services offer a seal of guaranteed confidentiality on their websites.
Don't be afraid to ask questions. If a lender is reputable, he or she will ignore any past credit mistakes and focus on the request at hand. Make sure you understand the payday loan repayment schedule and circle future paychecks on your calendar. This will help you keep track of when you can most easily afford to pay back the amount borrowed.
Overall, be careful, protect your interests, but don't dismiss a payday loan entirely. You never know when a financial emergency - such as immediate car repairs or surprise medical bills - will strike. You need to be prepared.
March 8th, 2006 at 10:27 am
[…] So think it through. Don’t be afraid to ask questions of your payday lender and make sure it is straightforward about the terms of any agreement you enter into. Then plan ahead. Do what you need to do with your payday loan, then get it paid off as soon as you can. When it comes to these financial tools, the borrower’s success hinges upon his or her ability to maximize the rewards and minimize the risk. […]
March 14th, 2006 at 2:59 pm
[…] REMEMBER: If and when you are in the market for payday loans, protect yourself. Don’t make any sudden decisions that you will regret. Use caution with any payday lender to guard your consumer rights, and if you can, consider alternative financial solutions altogether. « Dollar Financial Expands Canadian Payday Loan Business; Adds $16.8M in Revenue […]