consumers rights regarding payday loans?

Answer 1

The only right you have with payday loans is the right to pay 730% interest on the money you are borrowing.

Here is an example:

You write a check dated in two weeks for. $256
You get back today.................................... $200
Interest and charges................................... $ 56
The interest rate for a loan of two weeks is...730%

Some lenders making this type of loan will encourage you to keep refinancing for short periods of time by writing larger and larger checks. Each refinancing will allow the lender to charge more interest and fees. This just makes a bad situation worse.

If you need a payday loan, you might want to consider talking to a non-profit agency on debt management. Going to a payday loan company to "make ends meet" is a sure-fire red flag that you are overdue for a "tune up" in your personal finances. It's equivalent to the "CHECK ENGINE" light on your car's display panel!

Oh, and you also have the right to NOT do business with them with such usurious rates.

Answer 2

Was there a specific right you were interested in? It all depends on what state you are in. Check this website for state-specific laws regarding payday loans: http://www.payday-loan-laws.info/index.htm If you have a specific right you are interested in, I could try to give you more info. I worked in the industry for quite a few years.

Answer 3

I'm confident that you might find every financial clarification at= loandirectory.info-

RE Consumers rights regarding payday loans?

#EANF#

Answer 4

You have the right to say no to a payday loan...
But do your research...read as much as you can about payday loans before you take one. http://www.mycreditadvise.com has articles there you can read.
Good Luck