Dealing with online payday loans
Here are some of the tips on dealing with onlinepayday loans:
1. Know the interest rate.
2. Read contract carefully.
3. Ask if the lender automatically renew your loan if you do not pay in time. Usually, online lenders do this.
4. Make sure that the company is licensed to do business. They must abide by state law.
5. Know where the company is based. Lender outside the U.S. likely to claim they are exempt from U.S. laws.
6. Ask if you can contact the lender by phone or e-mail if you have problems with your loan.
7. Know the assurances that the online lender gives about protecting your privacy.
8. Find out if the online lender does not require you to forfeit all of your consumer rights.
9. Know if the lender asks for access for more than one of your checking accounts, which will allow them to search your other accounts for funds to pay off your loan.