Money Advance Loans & Payday Loans - Consumer Electronics Blog

GET Cash Until PAYDAY! . . . $100 OR A lot more . . . Quick.? The ads are on the radio, television, the World wide web, even in the mail. They refer to money advance loans or a payday loan ? which come at a quite high cost.

Check cashers, finance firms and other folks are producing small, short-term, high-rate loans that go by a selection of names: payday loans, money advance loans, check advance loans, post-dated check loans or deferred deposit check loans.

Normally, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The company provides the borrower the amount of the check minus the fee. Fees charged for cash advance loans or a payday loan are normally a percentage of the face value of the check or a fee charged per amount borrowed ? say, for every $50 or $100 loaned. If you extend or ?roll-more than? the loan ? say for an additional two weeks ? you will spend the fees for each and every extension.

Below the Truth in Lending Act, the expense of payday loans ? like other kinds of credit ? should be disclosed. Among other information, you should receive, in writing, the finance charge (a dollar quantity) and the annual percentage rate or APR (the price of credit on a yearly basis). Loans secured by a private check ? such as a payday loan ? is really high-priced credit. Let?s say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the check until your subsequent payday. At that time, depending on the certain program, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-more than the check by paying a fee to extend the loan for one more two weeks.

In this example, the cost of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan 3 occasions, the finance charge would climb to $60 to borrow $100.Where to Complain If you feel your lender has violated the law, you may wish to contact the lender or loan servicer to register your issues.

For more, please go to: privacy

Source: http://blog.ilove3c.com/2012/08/24/money-advance-loans-payday-loans/

juliette lewis chelsea handler mitch daniels shirataki noodles john kerry prince fielder state of the union address 2012