Payday Loan
I was slogging through the stuff in my mailbox when I found an interesting offer for a "$500 Payday Loan". The ad was vivid green, with a bright green flashing shamrock, a pot of gold, and a curious leprechaun running under the banner of Get Cash Now!
I found this Payday Loan ad to be interesting for a number of reasons. I had never seen one before.
The ad exclaimed that there was "no credit check," that you could "apply in under 2 mins (I guess they didn't have the time to spell out "minutes"), along with "cash deposited in your bank account," and that you could "use your cash for any purpose".
So what's interesting about that, you ask?
Well for one, the payday loan ad was sent to my daughter ... who happens to be 11 years old. I'm not sure that my daughter needs a payday loan. Especially since she doesn't have a job ... heck, it's hard enough to get her to do her chores!
Since the ad urged to click here, I decided to look into it ... after all, the payday loan offer just sounded too good to be true.
Upon clicking through, I found the payday loan landing page to be a big application. It seemed nicely designed, however there was one big notable flaw ... it asked for lots of personal information, including social security and bank account numbers ... and it was not a secure form.
That set up a big red flag.
Next, I wanted to know how much does a payday loan cost and here's what the site said:
Cash advance loans are designed for emergency situations when you are short of cash and need money fast! Family emergencies, unexpected car repairs, overdrafts, telephone reconnection and deposits are just some of the urgent cash needs our customers have experienced.
Your fees are less than the cost of not having the cash you need when you need it - overdraft fees, bounced check charges, taxes, even losing your job because you can get to work! Actual fees are determined based on the information you provide when you submit your loan application.
Your cash can often be sent to your bank account the very next business day and you don't repay until your next paycheck!
Ohhhkay, but the questions remain ...
How much does a payday loan cost?
How much is the payday loan interest rate?
A payday loan might sound like the answer to your cash flow problems. Should you find yourself in the situation of needing a payday loan, however, you owe it to yourself and your family to look into any payday loan offer very carefully. The terms and conditions are extremely important.
There are many payday loan offers on the Internet ... they are not equal. Do not fall to the temptation of applying to the first one you see. Check into the alternatives. They're everywhere.
Be a smart consumer and tread carefully: payday loans bear close scrutiny.
Posted by geekbooks at February 28, 2004 11:58 PM
