Fast Payday Advance – Know Your Rights By: Carrie Reeder A payday loan can offer a quick fix to a short term financial emergency. However, you want to be sure that you don’t get taken in by a shady lender. So know your legal rights before you sign any paperwork. Your Rights Payday loan lenders must abide by both federal and state laws. State laws will dictate amounts you can borrow and your repayment period. For example, Montana limits cash advances to $300, while Illinois sets caps at $1000. Regardless of where you live, you can expect some basic protection under the law. Know The Costs Involved Before you sign for a cash advance, you have the right to know the cost involved. This includes both the APR and loan finance fees. Legitimate lenders will post this information on their website or send it when you request more information. You should also receive this information in a loan agreement. Know The Payment Plan You also have the right to know what the payment plan is. This should be stated at the beginning of your application process. However, you can often find this information in the FAQ section of a payday loan lender’s website. Ideally you should pay back the loan as soon as possible to avoid paying costly late fees. No Threats Payday lenders are not to threaten you with criminal prosecution to collect late loans. You may be hauled into civil court where your wages might be garnished or a lien can be placed against your assets to pay for the loan and court costs. Some states don’t allow for collection of court costs. State Rights Some states extend more rights to you as a borrower. For instance, in Washington, you can change your mind and cancel your payday loan within one day. However, with electronic money transfers, it is better to take a serious look at your decision before you submit the application. To understand your own state’s payday loan laws, you can find information through the department that handles financing issues. Before you commit to a payday loan lender, research the company. Request information on their rates and payment plans. Compare this information with several companies to find the best deal. About the Author: See my recommended Fast Payday Loan companies with the lowest fees online. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with low credit scores.

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