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The Quick Payday Loan – Taking A Look At The Loan Agreement
By: Carrie Reeder
A payday loan will require you to sign a loan agreement, just like with any type
of loan. Before you sign though, you should take the time to read through all
the fine print. Not only will you learn your rights, but there is also valuable
information to be found in the forms.
Lender’s Contact Information
In your loan agreement you should clearly see the lender’s contact information.
This should include company name, address, and phone number. They may also
include a fax number or email address. Through this information you should be
able to contact the lender with any questions.
List Of Fees And Interest Rates
Your loan agreement will also include a list of fees and interest rates. You
will find the APR, which should have been disclosed before signing the
agreement. You will also find exact dollar amounts that you are to pay for the
loan.
Fees for late charges or bounced checks are also included. These fees can really
add up, 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 choose to take several weeks to pay back the amount.
Whatever the terms, they should be clearly listed out in your loan agreement.
You should also see the statement: “You cannot be prosecuted in criminal court
for collection of this loan.” What this statement means is that while you can’t
be arrested for not paying your loan, you can end up in civil court. Through the
court, fees for the loan and court costs can be collected by garnishing your
wages, placing a lien on your assets, or other means as determined by the court.
Lack Of Information
If your loan agreement does not contain the above basic information or you
disagree with the terms, then you should not sign for the loan. You may be
dealing with a shady company. A better idea is to look for another payday loan
company, which you can feel comfortable with.
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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