Pay Day Loans Are They A Crime
Written by: Randy McClure
No, but the Consumer Federation of America calls pay day loans
legal loan sharking.
It Is A Fee, Not Excessive Interest. Pay day loans are legal in
most states because they are charging you a fee, not an
excessive interest rate. Excessive interest rates are illegal in
most states.
Outrageous Credit. Pay day loans are an outrageous form of
credit. For example, let's say you write a personal check for
$115 to get $100 for up to 14 days. The $15 fee equates to a
391% annual percentage rate (APR). This APR keeps going up if
you extend the “loan” week after week.
Bad Debt vs. Bounced Check. Worst yet, if you are not able to
honor your check it is not a bad debt, it’s a bad check with the
associated non-sufficient fund (NSF) fees from your bank. Then
to top it off, your local district attorney’s office may get
involve acting as a collection agency for the bad check you
wrote.
What Are The Alternatives To Pay Day Loans?
Loan Shark? “I just need enough cash to tide me over until
payday.” Please resist the pay day loan. The pay day loan offer
is preying upon your unfortunate circumstances, be it innocent
or through your poor choices. Before taking out a pay day loan,
ask yourself would you consider going to a loan shark with high
interest and the unhappy consequences of not paying them back.
Friends, Family, Community? What can you do? If your unfortunate
circumstances are innocent, consider going to your family,
friends, church, community organizations or alternative forms of
credit for help. If you are making poor choices in regard to
money and the options above are not working, here are some
options:
Budget Yourself Before Your Creditors take Your Good Name. Do
you have expensive habits that you cannot afford? If times are
tight, look where you cut expenses. For example, if you have all
the premium stations on cable and you are getting can food for
your family at the food bank, what should you do?
Increase Your Income to Match Your Life Style. Look at your job
situation. Can you get a raise, get a new job, get a second job,
or supplement your income?
Change Your Life Style. If you have an excessive life style,
such as drugs or living beyond your means, seek help as things
are only going to get worst.
read more »
Pay Day Loans Are They A Crime
Bad Credit Payday or Cash Advance Loans No Credit Check Required
Beware Of Bad Credit Payday Loans
Meet the God
Cash advance as a loan source
Should You Get A Pay Day Loan
99 High Paying Keywords The Secret Is Out
Cash advance loans
Bad Credit Personal Loan A Pay Day Loan May Be Your Best Option No Credit Check
Military Payday Loans
