A payday loan can offer a quick fix to a short term financial emergency. However, you want to be sure that you dont get taken in by a shady lender. So know your legal rights before you sign any paperwork.
Your Rights
Payday loan lenders must abide by both federal and state laws. State laws will dictate amounts you can borrow and your repayment period. For example, Montana limits cash advances to $300, while Illinois sets caps at $1000. Regardless of where you live, you can expect some basic protection under the law.
Know The Costs Involved
Before you sign for a cash advance, you have the right to know the cost involved. This includes both the APR and loan finance fees. Legitimate lenders will post this information on their website or send it when you request more information. You should also receive this information in a loan agreement.
Know The Payment Plan
You also have the right to know what the payment plan is. This should be stated at the beginning of your application process. However, you can often find this information in the FAQ section of a payday loan lenders website. Ideally you should pay back the loan as soon as possible to...
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