5 Warning Signs of a Payday Loan Shark

May 13, 2008 · Filed Under payday loan 

Payday Loan Sharks – Stay Away!

At times we all fall into a predicament where we need extra money because of an unexpected emergency. Kids get sick all the time, cars break down at the worse possible time, or maybe there was a birthday that you forgot about. You don’t want to ask friends or family member because it is too embarrassing. What do you do? You can get yourself a payday loan but you can’t just walk into any payday loan store. There are lenders that want to take advantage of you. Here are some signs you can look for that will warn you to STAY AWAY….

5 Warning Signs

The Lender Wants To Make The Deal Quick.

Lenders do not want you to get out of debt. It is like they don’t want you to think about it too long. If you have time to think the lender will get worried you might change your mind.

The Lender Too Is Vague In Answering Your Questions.

Don’t expect questions to be answered. Lenders don’t like to answer questions directly. They “beat around the bush.” By the time you leave you will be more confused than when you first arrived.

The Lender Is Too Pushy Or Too Aggressive.

Lenders will make you believe that a payday loan is the ONLY answer to your financial problems. They practically shove the pen down your throat to sign the papers and make it final.

There Is A High Interest Rate.

This is how lenders make money. If you borrow $200 expect to pay a service charge $25. That is around 650 percent interest a year! The troubles really start if you have to roll your loan over.

The Lender Is A Private Lender.

Make sure the lender has a license and check with authorities about that lender. Many people have been scammed getting payday loans through private lenders.

Remember, payday loan lenders have to make money someway and that way is through you. Lenders want you to stay in debt and they hope you roll over your payments because that is how they make their money. Make sure you do your research on the lender you choose. YOU are the one in control — not the lender!

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10 Responses to “5 Warning Signs of a Payday Loan Shark”

  1. Maxx on November 28th, 2008 12:51 pm

    I’m glad you made an early distinction that payday loans do serve a purpose for the right situations before you told people what to be wary of. There is no shortage of blogs and articles online that are biased on both sides. I run a payday affiliate website and I try to keep the same perspective in my posts. I don’t try to fool people into thinking that a payday loan is a cure all for any money shortages.

    Keep up the good & balanced posts.

  2. Kris on June 18th, 2009 8:33 am

    There are a lot of scams that begin with marketing that says you can get a loan in 2 minutes with no verification. They capture your vital information and does who knows what with it then you get bounced to a series of different links all capturing your information! Deal with the lender directly and know who they are. And watch you bank account after completing the online apps because many of them start dipping under the pretense you purchased some service or there was a fee that was disclosed.

  3. GERALDINE on September 9th, 2009 9:44 pm

    OMG! TELL ME HOW I CAN ERASE ALL INFO I PUT OUT THERE FOR A LOAN?
    AND NOW I MIGHT NOT EVEN NEED LOAN.

  4. government grants for individuals on September 17th, 2009 9:35 pm

    keep up the great work here

  5. tweet adder discount on October 9th, 2009 3:39 pm

    I see quite a few affiliate marketers that shy away from promoting high-price point products, thinking,

  6. Wilbert Bates on October 20th, 2009 4:02 pm

    These substations presents themselves as loan sits but once they receive your information yuy are always
    turned down with an offer to some other offers; and then they still may indicate that they can find you a loan and list a number of offers. this is purely a scam to secure our informaation.

  7. Fuzu on October 28th, 2009 9:21 pm

    Ooh gosh i just wrote a long comment and when i submitted it it come up blank! Please please tell me it worked right? I do not want to sumit it again if i dont have to! Either the blog glitced out or i am just stuipd, the second option doesnt surprise me lol.

  8. jeffery jefferson on October 30th, 2009 6:41 pm

    Hello just figured i will let you know that i also had a problem with your blog coming up blank as well. Must be monkeys in the system.

  9. Fast Cash Dude on November 5th, 2009 11:32 pm

    This is exactly what I was searching for. Thank you and keep up the great work!

  10. 60 Minute Loan on November 9th, 2009 8:38 pm

    Hey this is a great post, thanks for the information on payday loans! Definately important to warn about the potential for these loans to get out of hand…but in some cases people have no choice

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