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How you should apply for Payday Loans?
Mostly People use payday loans when they need more money than they have in their checking account.
Payday loans are kind of loan that is you can use until you get your next paycheck. They charge you a fee for this service.
How does it work?
- They have you sign a contract that explains the terms.
- You write a check to them and they give you cash.
- They hold your check and cash it on the day you agreed to in your contract. They must cash your check within 31 days.
Payday lenders must put notices and contracts in the same language used in your discussions.
How much can they charge?
The check you give a payday lender cannot be for more than $300.
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They cannot charge you more than 15% of the check you write them.
For example, if you write a $300 check, a payday lender cannot charge you more than $45. For a $300 check, you will only get $255 in cash.
Can I receive more than one payday advance?
No you can not! You can only have one at a time at a given location.
What could be happen if I am not able to pay back the borrowed payday loan amount?
If you don’t have enough money in your account to cover your check, the payday lender has the right to ask for the amount of your bad check, plus a $15 fee.
Lender can sue you for these amounts plus court costs. Court costs can total $100 or more.
Triple Damages
Normally, when someone gives you a bad check, you can sue for three times the amount of the check.
Payday lenders cannot sue for triple damages. The law forbids it.
If you are sued for triple damages, give the judge the following:
- California Civil Code Section 1789.35(f) and 1719.
- California Financial Code Section 23035c (6)
These laws prohibit payday lenders from suing for triple damages.
Target Audience
Payday Loan is type of loan which is specially designed for low credit score people who are terrible at managing their finance. Yet if you had a hard time finding loan or emergency cash at traditional places such as banks or credit unions than this kind of pay day loan is much suitable for you.
However this kind of loan is highly risky and have higher APRs then any other loan product out there in market, so you must use it for very short period of time or its just used for your next payday max 15 to 30 days. this term varies from lender to lender. so you must check lenders terms.
If you feel you don’t afford to repay your payday loan on your next pay day. then we advice not to opt for one as this is one of the most high risk loan, most of people who don’t plan their repayment often stuck in payday loan debt cycle. and live between paycheck to paycheck.
So before falling in any of such trap you should always look for the alternate options for the payday loans. such as you should try installment loans which is far better option than payday loans, You should look for the cash with your friends or relatives in case of emergency that could be more convenient and if you payback them on time there is no harm, this could be a better way to borrow.
You should contact your employer as well in case of emergency if they could provide you with your payday check in advance that could be really great and you can save your self from hassles of payday loans and lender terms.
One more thing to be noted is, there is no doubt that payday loans is genuine source of getting cash in emergency however if you are stuck with low or poor credit then you are left with no other loan option, and scammers mostly target such people with mostly offering payday loan without checking there credit score. that kind of language is mostly used by unsolicited scammer who just pretend to be a lender.
Most trusted lenders check your credit scores and based on your score they offer you loan amount which is fair and you might able to payback easily.
