The Quick Payday Loan Taking A Look At The Loan Agreement

The Quick Payday Loan Taking A Look At The Loan Agreement

The Quick Payday Loan – Taking a​ Look At the​ Loan Agreement
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.

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