What are My Payday Loan Rights?

By: A Procos

When you acquire a payday loan, you must make sure you are 100% certain that you understand the contract between you and your lender. The lender will issue you with brochures of the company policies, terms and conditions of the payday loan, all the terms and conditions are the same for cash advances, online payday loans etc.

Know exactly what your rights are and if there is something that is not clear to you find out! Becoming knowledgably about the product before obtaining it is a wise decision, entering into a contract you know nothing about spells disaster to say the least.

Make sure the lenders website looks professional and has a link to the Better Business Bureau. You can be assured if the company is registered with the BBB they are trustworthy and pride themselves on excellent payday loan service. The soul mission of the BBB is to promote and encourage the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education and service excellence.

On the application form make sure you understand the fees and charges, what the annual percentage rate (APR) that will be charged will be, and most importantly if you default what penalties would be charged.

If you realize that you are not going to be able to repay the loan by the due date, do not wait, contact the lender immediately, this is one of the options that are accommodated by payday loan lenders. It is important to contact you lender well before the due date, you might be charged even more if you contact them on the day. The procedure is fairly simple; you can either contact the lender online through their website or give them a ring directly. The payday loan lender will arrange to have your due date extended for the next 14 days, this however depends on the lender as extension terms can vary from lender to lender.

The fees and charges for an extension will be stated in the brochure the lender gives you. There is a limit to how many times you can extend or roll-over a payday loan and it is usually 3 times for any one loan, these limits are determined by each state in terms of the laws and regulations for payday loans.

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