YOU SHOULD AVOID TAKING OUT more than 1 cash
advance payday loans!
If you already have Payday loans outstanding,
you should avoid taking out another such lend. When you have more than
one cash advance payday loans outstanding, you may find it very
difficult to pay the required finance charge payments, much less
paying all or a portion of the amount financed when the lend comes
due. If you need a larger, longer-term loan, you should seek other,
more traditional, lending sources.
How do they work
no faxing payday loans work like this:
You fill out an application and provide the
lender with items such as paycheck stubs and a photo ID.
You sign a lend agreement, write a postdated
check to the lender, and receive your cash.
Your check is held until your lend payment is
due - usually two weeks. The lender then deposits your check - unless
you have replaced the check or have already repaid the lend.
The loan agreement that you are required to sign
is a legal document that obligates you to repay the loan. It also sets
forth a lot of important information. Be sure to take note of the
these things:
The Amount Financed: The amount of credit
provided to you or on your behalf. (This is typically the amount of
cash you will receive.)
Finance Charge: The dollar amount the credit
will cost you, or the amount of interest you pay for receiving the
credit.
Annual Percentage Rate (APR): The cost of your
credit as a yearly rate. Because these lends are small, short-term
transactions, the APR is typically quite high. In Wisconsin, there are
no laws that limit the interest rate that a lender can charge.
total amount of payments: The amount you will
have paid after you have made all payments as scheduled. (This is the
amount that you will write your postdated check out for.)
What are your resposibilities
The loan agreement you sign legally obligates
you to repay the loan. Make sure to read the contract before signing
it and retain your copy for your records.
If you have not renewed the loan or paid it in
full, make sure you have sufficient funds in your checking account on
the due date of the loan so your check clears when the lender deposits
it.
If you cannot or do not repay the loan, the
lender can seek a money judgment against you for the face amount of
the check and court costs; and, if they were disclosed in the
contract, any late charges, interest after maturity, and NSF fees.
Once a money judgment is obtained, a lender may attempt to garnish
your wages.
Many lenders also list unpaid accounts with the
credit bureau. This may affect your ability to get credit in the
future.
OTHER CONSIDERATIONS
If you pay the lend in full prior to its due
date you are entitled to a partial refund of the loan charge.
If you are married and your better half does not
sign the lend agreement, the lender is required to give your spouse a
written notice that you obtained the lend.
Faq's
The Department of Financial Institutions (DFI)
is a state agency that licenses and regulates companies that make
consumer loans in Wisconsin where the interest rate is over 18% per
annum. This includes the Payday loans company. Wisconsin residents may
contact DFI Licensed Financial Services at 608-261-9555.
DFI also licenses and regulates adjustment
service companies, commonly referred to as debt counselors or consumer
debt counselors. These firms help debtors set up and keep on a budget.
A list of the adjustment service firms licensed by DFI. Wisconsin
residents may also contact DFI Licensed Financial Services at
608-261-9555 for the name of the adjustment service firms nearest you.
