Scams Of Payday Loans
In between paydays and you find yourself stuck in an emergency situation needing money? This is when the convenience of payday advance loans becomes apparent.
When you need it the most, these types of loans can offer you money. But there are currently payday advance loans schemes out there and it pays that you check the loan lender out before filing an application.
If your loan lender is legitimate, they will never ask for upfront fees. The amount of the fees and the loan will be directly withdrawn from your checking account; hence, there is no need to send the lender any money.
Unsolicited payday advance loan offers which could come in the form of letters, telephone calls, or emails should make you wary.
While doing business regarding advance payday loans, you might get a request to urgently send the lender money to another country or city. The lender might give you idea that you have insufficient funds in your account, thus, the request to send them money. Or they could ask that you send the money to a second company to finalize the loan process. You should never do these – never send them money. So that all loan transitions can be processed electronically, a payday advance loan lender will require you to have a checking account. There is no need to send them a check.
Another scheme to watch out for involves the lender contacting you regarding a very large loan that you have been approved of. One tiny requirement is that you send them 10% of the loan amount for collateral. The lender and your money will be gone once the money is sent.
A reputable payday advance loan lender is of great help to people experiencing financial problems. Still there are fraudulent lenders out there which you should watch out for. You have to know how to protect yourself from their various schemes.
To avoid falling for a scam in payday advance loans, you should check out the CFSA website. The website gives a list of their members. With their help, you can select a reputable lender.
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Categories: Loan Articles Tags: account, loan, loans, money, payday loan scam, Payday Loans
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Possible to open an account without a credit check?
Question by tom t: Possible to open an account without a credit check?
I have a debt that i’m not inclined to pay and in the meantime i want to open a bank account. If i do that though, they normally run a credit check which could trigger the interest of the party to whom i owe money.
I don’t want any kind of credit or overdraft now, just a place to put my wages. Is there anywhere i can do that without arousing the interest of my creditors?
Best answer:
Answer by Cica
Sorry but no. Most banks require credit checks to open a new account. I suggest speaking with a credit union. I had bad credit also but with them I was still able to open an account. They can also help you clean up your credit at your own pace.
Best wishes
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Where online can I find a personal loan with bad credit and no bank account?
Question by : Where online can I find a personal loan with bad credit and no bank account?
I am in desperate need of a loan due to unexpected medical bills. I have bad credit and don’t have a bank account. The only offers I am finding are for payday loans and cash advance loans that only offer a small amount of money. I need a loan where I could possibly get around $ 1000. Can anyone help?
Best answer:
Answer by Bills.com
Your situation is difficult and, unfortunately, there are no magical solutions. Payday loans and cash advance loans are in general very poor solutions, as they put you in a cycle of paying back more and more debt, at faster rates. If available, they are expensive and do not solve your problems.
Since your poor credit and lack of bank account will not let you take an unsecured personal loan, your only real options are using some type of asset (such as a retirement account) or a personal family loan. If you do take out a payday loan, because you can’t find any other option, make sure that you pay the loan back as agreed. Missing a payment will lead to extremely high penalty costs that make it next to impossible to dig yourself out of the hole and can lead to very aggressive payday loan collections http://www.bills.com/pay-day-loan-collection-advice/.
You may want to look into peer-to-peer lending, too. http://www.bills.com/peer-to-peer-loan/
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Q&A: Can I get a payday advance with only a savings account?
Question by subtlebeauty: Can I get a payday advance with only a savings account?
I have a full-time job and I go to school full time, but since I bought my books I won’t have enough money to pay for my rent, and I heard that I could get a payday advance to my next payday, but I only have a savings account, will I still be able to get one?
Best answer:
Answer by licketyb00
Yes. They don’t usually ask whether it’s a checking or savings account. And you don’t have to tell them. You just have to provide a legit account. Their only concern is that if they have to go collect on the funds, that the account is open and has the funds in it. They will however want a bank statement though, to prove that it is valid. If you don’t receive them by mail, you can either print one out or go to your bank and have them do it but they might charge you a small fee for doing it. You may also be able to get one through your own bank since they do them now as well and usually for better rates. And you can do them online and the money is immediately available an goes directly into your account.
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Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
Question by darrellbuckman: Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
I am needing a payday advance loan that I can apply for on-line, but I don’t have a bank account. Are there any services like that, that will loan me via Money Gram, or Western Union? I need the money by tomorrow evening, but I can’t go all the way to the actual location, the closest thing is a walmart or publix money services. Please help me!
Best answer:
Answer by gameboyxp20
No,
No Payday Loan companies will loan you money without a bank account. You can get a bank account for people with bad credit.
The only other option is a pawn shop. They will take an item worth let’s say $ 1,000 and give you a loan of say $ 250. If you payback in 30 days then you get your item back, if not, then they sell it. Things like Rings, TVs, Computers, etc. Call them and ask them what they want. Look it up online or in your local phone book.
You will need an ID and you will need to fill out paperwork in case it is found that your collateral is stolen, they can then turn you into the police. With certain pawn shops, you don’t need a checking account, just an ID and a piece of mail and an item of value as far as I know.
Good Luck.
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Saving Face: An Alternative and Personal Account of the Savings & Loan Crisis
Saving Face: An Alternative and Personal Account of the Savings & Loan Crisis
Credit markets frozen. New housing frozen. Record foreclosures. Circular arguments about government responsibility and government fixes. Class action suits by investors. Criminal investigations. If this sounds familiar in 2008, it’s because we lived it before. SAVING FACE is author Bill King s retelling of the savings and loan collapse and its aftermath. Enlivened by his often harrowing experiences as a major player in that industry, SAVING FACE narrates the ways in which the S&L crisis affected the everyday lives of real people at every level of the economy. King shows that eerily similar forces are at play today. King documents the origins of the collapse in Depression era policies that went awry in the 1970s. He then shows how the government, instead of proactively addressing the problem, ignored and denied the very existence of a problem. Ultimately, when the crisis could no longer be swept under the rug, Congress and government regulators blamed the fiasco on S&L crooks. But in 1993 an independent Federal Commission debunked the S&L crook explanation, declaring: It is important to realize that fraud was not the cause of the S&L debacle. Through hundreds of interviews and meticulous research, King traces the true dynamics of the collapse, drawing comparisons to intervening crises — even scandals — in government contracting and securities regulations, all the way to the sub-prime meltdown of 2007 – 2008 and the hat-in-hand reality of major financial institutions going begging for survival funds overseas. SAVING FACE shows in vivid detail how we repeat a cycle of almost willful ignorance, and resulting pain from Wall to Main — for reasons that need not be. In his final section, Lessons Learned, King shows us the beginning of an end to economic insanity, making SAVING FACE a cautionary must-read for every concerned American.
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Categories: Loan Products Tags: account, Alternative, Crisis, Face, loan, Personal, Saving, Savings
Can a pay day loan take out money from another account that you didn’t authorize?
Question by Shanta: Can a pay day loan take out money from another account that you didn’t authorize?
I recently got a pay day loan. I paid on it for a while and decided to contact debt consolidation program to assist. I closed out the account that the pay day loan was with. I opened up a new account. I so happened to help my mom with a loan and pay day loan company I had previously tried to take money from my new account, is that legal?
Best answer:
Answer by roderick_young
I don’t know about legal, but it sounds moral. Check the agreement you signed with the loan company, it may provide for something like this.
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Q&A: Can I get a payday cash advance loan without a checking account?
Question by dulcemoco: Can I get a payday cash advance loan without a checking account?
I am currently employed but don’t have a checking account, can I get a payday cash advance loan?
Best answer:
Answer by kckid2
That answer depends entirely upon the lender. The lender generally sets the policies, not the law.
So, you just need to shop around.
Answer by LoanGuy
Check out some of the links and resources on this website for various lender policies.
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