Thing you should know about payday loans.
There are a lot of good resources on payday loans so as a consumer, you should not have a hard time finding information. Here is one good source of information that you might want to check out. Below, you will find some of the things that we think you need to know before taking out a payday loan.
- There are other sources of one.
Before taking out a high interest payday loan, you should pursue other low or no cost options. Ask friends and family (embarrassing we know), take out a bank loan or get a credit card cash advance.
- Military is protected for predatory lending.
If you are in the military, you should know that there are special rules in lace to protect you. Interest rates are limited and lenders are required to completely inform you on the loan.
- Before you commit to the loan you need information.
Before you commit to a loan, you should find out the fees involved, the loan APR, the payment terms and find out what happens if you can not pay it back on time.
- If you are in the armed services, you have more options.
There are many groups operating to give you other lending options and to help you manage your finances. One is the Army Emergency Relief at (703) 428-0000, another is the Navy & Marine Relief Society at (703) 696-4904 and one more is the Coast Guard Mutual Assistance at (800) 881-2462.