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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