Availing of fast cash payday loans is a lot of help to people who are very much in need of cash in a short period of time. You may have no other alternatives to fulfill your financial needs and have a short span of time to look for other types of lending agencies which could offer you other kinds of loans aside from quick cash loans. Because we want to help you realize that availing of these loans are inadvisable and too much costly, we have gathered here stories from people who have experienced how hard it is to be trapped in a debt they never imagined to become traumatic.
1. These loans are for people who have low income. Most earners who receive more do not need to apply for such loans because they have their savings account where they could withdraw amounts of money they need in times of emergencies. One customer has applied to a quick cash payday loan because he needed to fix his house that was damaged by natural calamity. He is earning less than 15,000 dollars a month and he applied for a one hour payday loan which has an interest rate of 400% a year. He has failed to pay this on the due date which has caused him to have more liabilities. He has suffered from his quick cash payday loan for more than ten years and has paid more interest than what he has borrowed.
2. Beware of one hour payday loan scams. Several clients have already been victims of scams from quick cash loan lending companies. Here are some ways to check of the agency is not a scam.
• No upfront payment – Of course you will be applying for a fast cash payday loan because you need that amount of money immediately. You will then be surprised if you will be required to deposit any upfront payment. Upfront payments are fees to be paid in advance like payment of say 5% of the loan amount aside from the interest rate and other charges. Remember, most scams really ask for upfront payment so once you encounter such, be warned and think twice.
• Spam emails – Legit payday loan companies do not send spam messages to e-mails. They publish their advertisements to reputable websites and wait for you to go directly to their page and personally send your queries. Availing of one hour payday loans directly to the company responsible is a great suggestion.
• Do research – Be patient in searching for top agencies which offers quick cash payday loans. Join forums of customers who have already availed of their services. Of course, the agency will not publish negative comments about them so you will just see positive reviews. Try to find the customer’s personal e-mails and send them private messages to ask more information about the services of that company you wish to apply your fast cash payday loan to.
• Try to apply for other online financial companies who could help you transact with the lending agency. It is advisable for you to have a PayPal account or Western Union branch in the place exclusively for your payday loan transactions. You will not be dealing with your legit lending company face to face so you better not give your banking information to avoid hackers.
3. Another story involves a borrower who trusted a lending agency and gave his personal banking information for the purpose of his fast cash payday loan. The company asked for an upfront payment of 12% of his loan amount which is huge. The customer, who is much in need of cash did not hesitate and gave the upfront payment. Later, he found out that the agency has once been sued for offering a scam quick cash loan business. He filed another complaint and ended unpaid.
It is true that one hour payday loans offer help to people who use it but we could see that there are more consequences that the benefits. Let us learn from these stories and try not to be one of them.
Author: Charlyn June F. Lidua