A payday loan will require you to sign a loan agreement, just like with any type of loan. Before you sign though, you should make time to read through all of the fine print. Not only will you learn your rights, but there is also valuable information to be found within the forms.
Lender’s Contact Information
In your loan agreement you ought to clearly see the lender’s contact information. This should include companyaddress and name, and phone number. They might also include a fax number or e-mail address. Through these details you must be able to contact the lending company with any queries.
List Of Fees And Rates Of Interest
Your loan agreement will also include a list of interest and fees rates. You will find the APR, which will have been disclosed before signing the agreement. You will additionally find exact dollar amounts that you are to purchase the loan.
Fees for late charges or bounced checks are also included. These fees can really accumulate, and it is better to work with your lender to renew your payday loan terms than pay large late fees.
Payment Obligations
You are expected to repay your cash advance loan, usually on your next payday. However, you may also elect to take several weeks to pay back the total amount. No matter what the terms, they will be clearly listed out in the loan agreement.
You should also see the statement: “You should not be prosecuted in criminal court for variety of this loan.” What this statement means is the fact while you can’t be charged with not paying the loan, you can end up in civil court. Through the court, fees to the loan and court costs can be collected by garnishing your wages, placing a lien on your assets, or other means as dependant upon the court.
Lack Of Information
You should not sign for the loan if your loan agreement is not going to contain the above basic information or you disagree with the terms. You may be getting through a shady company. A better idea is to consider another payday advance company, which you may feel comfortable with.
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