4 Responses to “Q&A: How to get a payday loans?”

1. LOL says:

   October 20, 2011 at 2:55 am

   Well, too bad for you. Keep looking for a job, don’t try to look for a loan it makes you broke for whole life.

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2. Heather says:

   October 20, 2011 at 2:56 am

   A payday loan is NOT going to help you. It will cost you a ton of money and make your financial situation worse than it already is. With names like The Fast Cash Wizard and AmazingPaydayLoans, it would appear that online payday lenders are able to perform financial miracles for anyone short of cash between paychecks. While these virtual cash machines may get you out of a bind for the moment, this quick fix may be the start of a steady decline into suffocating debt.

   Add to that the loss of control over your checking account and the potential to become a victim of identity theft, and an online payday loan becomes more mishap than miracle.

   While all payday loans have certain features, such as loan shark-high interest rates, in common, loans arranged online are even more troublesome than those applied for in-person. That’s because unlike a storefront payday loan, which normally requires a postdated check, an online loan application asks for such things as your Social Security number, driver’s license number, mother’s maiden name, employment information, checking account number, a voided check, a photo ID, a pay stub, or a bank statement–all the personal information anyone would need to steal your identity.

   And depending on which lender you choose, you could be broadcasting your personal information for all of cyberspace to see. According to results of a survey of 100 payday loan Web sites released by the Consumer Federation of America (CFA) in November 2004, 28 of the 100 sites failed to have secure connections on application pages that collect personal financial information.

   If you’re thinking about a payday loan, speak to a professional at your credit union first.
   If that weren’t risky enough, an online loan requires that you give permission for the lender to access your checking account to deposit the loan and to withdraw fees and interest. That access gives the lender enough freedom to automatically roll your loan over at the end of the term and withdraw another finance charge. And if you don’t have enough money in your account to cover that charge or full loan repayment, you could get hit with non sufficient funds fees from both the lender and your credit union or bank.

   Since it’s in the lender’s interest for borrowers to “flip,” or renew, their loans as many times as possible, many lenders make it difficult for customers to pay off the loan. Susan Lupton is a senior policy associate with the Center for Responsible Lending (CRL), a nonprofit organization based in Durham, N.C., that works to eliminate abusive financial practices. Lupton tells of an example where one lender requires borrowers who want to repay their loan to contact the company between 10 a.m. and 11 a.m. at least three days before the loan comes due. Miss that window–or get a busy signal–and you’re stuck in the loan for another pay period.

   Many online lenders also make it difficult for borrowers–and consumer protection agencies–to track them down, making paying off the loan or resolving a problem that much more difficult. The CFA survey found that less than half of the surveyed lenders provided a physical address or a phone number; almost a quarter of them listed no contact information of any kind; and some sites are registered through anonymous domain registries. After clicking through a few pages or being redirected from one site to another, it even can be difficult to identify who the actual lender is.

   As Todd Mark, spokesperson for Consumer Credit Counseling Service of Greater Atlanta, warns, “It’s just plain and simple a bad idea to give a payday lender access to your account.”

   Payday loans make troubles worse

   No matter where you get your payday loan, in person or online, you’re going to pay a high price for it. The CFA study found finance charges on Internet payday loans ranged from $ 10 to $ 30 per $ 100 borrowed. The most common rate of $ 25 per $ 100 translates into an annual percentage rate of approximately 650%. The CRL found that the average payday borrower pays $ 800 to borrow $ 325, though many borrowers end up paying thousands in interest and fees to keep a small loan from becoming delinquent.

   That’s because a typical customer won’t repay the principal when the first loan term is up. In fact, 99% of payday loans go to repeat borrowers. In an August 2004 statement from Advance America, Spartanburg, S.C., the nation’s largest payday lender, the company said the average number of loans to its borrowers is nine per year.

   The average payday borrower pays $ 800 to borrow $ 325.
   “Most people we talk to have been in payday loans for months, or even years,” says CRL’s Lupton.

   The CRL, on its Web site, highlights the details of a few such typical borrowers, including one 69-year-old warehouse worker who renewed his Advance America loan every payday for more than five years, ultimately paying more than $ 5,000 in interest on a $ 300 loan.

   “Most payday borrowers we work with have fallen into a debt spira

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3. My Take on It says:

   October 20, 2011 at 3:16 am

   If you are having issues paying the everyday expenses you just listed, trust me, your financial woes will be 400% bigger if you take on a payday loan thinking it will ease some of this burden. You are headed in the wrong direction.

   You need to increase your income by getting a 2nd job, not by getting a loan that is going to send you spiraling downward even further than it sounds like you already are.

   But, if you insist on getting this type of loan, be sure to go to one that has a storefront so you can actually see and talk to a human.

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4. Jon says:

   October 20, 2011 at 3:21 am

   I recommend u borrow money from your friend or family, as they have high fees and interest. but Here is where I have used in the past https://loansandinsurances.com/payday-loan.html

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