About Payday Loan
1)What is the meaning of payday loan?
Payday loan is a short term loan that lend money to the borrower until the next payday. This loan is also known as payday advance or paycheck advance. These payday loan companies gives you only two weeks for payback time for the small amount of money within range $100- $1000. But for the higher amount they will give you up to a year with high interest rate of about 350% to 900% annually. payday loans also offer cash advance that means the cash provided to you against your line of credit or say credit card.
2)What do i do when i lost my all the checks and the information of the payday loan company and i have to close the old account and open the new one? Will they contact me or not?
You must contact your old bank and try to know about which company and place you had done the payments before. Save all the copies that you had send and received to show to the lender. The payday loan company will only contact you after your due date of payment has passed and they will charge you late fee.
3)If i open a joint checking account in the bank and apply for the loan in the name of my partner and pay the check for the loan in my name then will i be responsible for all the transactions that i had made for the payday loan?
In whoever name the loan paper was signed the responsibility lies with him. But to be sure call customer care or help desk of your bank and confirm the payday loan details.
4)I had taken a payday loan but i had no contact information of them. They are withdrawing from my bank account even after my loan payment has paid? What do i do?
Contact your bank and ask them to stop all the transactions made by that payday loan company. Call the loan company after getting their contact number from their website.
Payday loan is a short term loan that lend money to the borrower until the next payday. This loan is also known as payday advance or paycheck advance. These payday loan companies gives you only two weeks for payback time for the small amount of money within range $100- $1000. But for the higher amount they will give you up to a year with high interest rate of about 350% to 900% annually. payday loans also offer cash advance that means the cash provided to you against your line of credit or say credit card.
2)What do i do when i lost my all the checks and the information of the payday loan company and i have to close the old account and open the new one? Will they contact me or not?
You must contact your old bank and try to know about which company and place you had done the payments before. Save all the copies that you had send and received to show to the lender. The payday loan company will only contact you after your due date of payment has passed and they will charge you late fee.
3)If i open a joint checking account in the bank and apply for the loan in the name of my partner and pay the check for the loan in my name then will i be responsible for all the transactions that i had made for the payday loan?
In whoever name the loan paper was signed the responsibility lies with him. But to be sure call customer care or help desk of your bank and confirm the payday loan details.
4)I had taken a payday loan but i had no contact information of them. They are withdrawing from my bank account even after my loan payment has paid? What do i do?
Contact your bank and ask them to stop all the transactions made by that payday loan company. Call the loan company after getting their contact number from their website.
posted by Diana | 5:16 AM
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