Tricks and Traps :: Cash Advance Loans :: Personal Payday

Tricks and Traps of Payday Loans and
Cash Advances

By Chris Kay

1. Advance Fee Loans:

Never pay in advance to a site that is promising a personal loan, or a payday advance. Legitimate lenders and online loan brokers will never charge up front to help you obtain a cash loan. Most online providers would never charge a fee to find you a loan of any kind. Make sure that no money is asked for upfront.

2. Opt In's:

Avoid offers unless you read the fine print. On many loan applications there are additional offers in the application that try to convince you enroll for additional offers and products. Some examples of the type of offers added to payday loan applications are: Debt Relief, Catalogue cards,Dating offers,Discount clubs,Shopping Offers,Credit reports, credit monitoring, ect ect. Many of these offers are legit, but many charge on a monthly basis. Our experience at www.MoneyNowUSA.com showed that when we added a credit rebuilder Catalogue Card offer, consumers simply did not read about the product or the charges, therefore we removed it when we found consumers were blindly opting in to the program. We do not offer, ANYTHING but loans now, and we encourage folks to use clean sites like MoneyNowUSA.com and or make sure they read the fine print.

3. Out of Country Lenders:

There are a few overseas operators that charge super high interest rates. This loan companies are not operated within the states, and charge much higher fees then your average lender. There are known lenders in Costa Rica, Canada, Panama, and India that engage in this practice. When you sign the loan documents make sure that the lender has a physical address in the USA, and CHECK the loan amount and interest rate.

4. Repayment Trap:

Everyone, even many professionals run short of cash from time to time. When you borrow money from a online payday loan lender or a payday loan store remember to have a solid plan for repayment. Payday Loans can be a big help when running short on cash flow, but it is the loan extensions that keep piling up the interest. It is very easy to just keep paying the interest and extending the loan. Avoid the temptation. Instead of just extending the loan, always try to work with the lender and pay a little principle. Most lenders will be happy to take an extra 25,50,75,100 off your payment every other week.

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