Beware of Predatory Lending

Posted On: March 8, 2010 at 7:55 a.m.

Filed Under: interest rates payday loan predatory lenders

Unfortunately, there are bad apples in every business. While we know that there are many reputable payday loan companies that offer an important service to many people, those predatory lenders give the industry a bad name. The Killeen Daily Herald is noting a few companies and things to look out for: “Consumers report unscrupulous online payday lenders charging unlawful interest rates of more than 300 percent. [[ads]]

Handing over your bank account information to an online payday lender without doing your homework could leave you paying hundreds and even thousands of dollars more than you bargained for.

Hundreds of consumers have complained to BBB after signing up for a payday loan on sites like OnceClickCash.com; 500Fastcash.com; rbtloans.com and Ameriloan.com.

Consumers state that after signing up for what they believed was a one-time payday loan – typically a few hundred dollars to be paid off in two weeks – they supplied their bank account information to the lender and received the funds shortly thereafter” (http://www.kdhnews.com/news/story.aspx?s=39747). It is, of course, a constant reminder that we always need to do our homework before giving our financial information to someone.

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*Rapiddollar.com is not a lender, does not broker loans to lenders and does not make cash advances or credit decisions. Rapiddollar.com will submit the information you provide to a lender. This site does not constitute an offer or solicitation to lend and providing your information on rapiddollar.com does not guarantee that you will be approved for a payday loan. Rapiddollar.com is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. The time it takes to fund your loan may vary between lenders and may depend on your individual financial institution. In some circumstances faxing of documents for verification may be required. Please contact your lender directly for questions or concerns regarding your cash advance. Payday cash advances are meant to provide you with short term financing to solve immediate cash flow concerns and should not be considered a long term solution.

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