A payday loan is similar to other types of loans. It will require you to sign a loan agreement. However, before you sign, you should read through all of the fine print. Not only will you learn your rights, but the forms also contain useful information.
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Contact Information for Lenders
The lender’s contact information should be clearly visible in your loan agreement. This should include the name of the company, its address, and its phone number. They may also contain a fax number or an email address. If you have any questions, you should be able to contact the lender using this information.
Fees and interest rates are listed below.
A list of fees and interest rates will also be included in your loan agreement. The APR, which should have been disclosed prior to signing the agreement, can be found here. You will also discover the exact dollar amounts that you must pay for the loan.
Late fees and bounced checks are also included. These fees can quickly add up, and it is preferable to work with your lender to renew your payday loan terms rather than paying large late fees.
Obligations to pay
Your cash advance loan is due to be repaid on your next payday. You may, however, choose to repay the amount over a period of several weeks. Whatever the terms are, they must be clearly stated in your loan agreement.
You should also read the statement: You cannot be prosecuted in criminal court for attempting to collect on this loan. This statement means that, while you cannot be arrested for failing to pay your loan, you may end up in civil court. Fees for the loan and court costs can be collected through the court by garnishing your wages, placing a lien on your assets, or other means determined by the court.
If your loan agreement lacks the aforementioned basic information or if you disagree with the terms, you should not sign for the loan. You could be dealing with a shady organization. A better option is to look for another payday loan company with whom you can feel at ease.