In all of our blogs, we always emphasize the importance of knowing your rights and asserting them. As a payday borrower, it helps you make a wise decision – whether to sign up with a payday lender or not, and it helps you protect yourself from unscrupulous lenders. Researching state and federal lending laws in relation to payday loans cannot be overemphasized. Agreement in writing. In all cases and at all times, make sure you have the agreement in writing. Disputes may arise in the future and it will be so difficult to contest a matter if you do not have anything to back up your claim. Some states already require that agreements be made in writing in order to be valid. The contract structure should be in clear and understandable English, containing the following information: loan amount, interest rate, loan fee and any other fees applicable, the due date, as well as your options in case you are unable to repay the loan in full on the due date. Watch your bank account. Keep an eye on your bank account and make sure your payday lender does not take out money after the loan is paid or sneak unauthorized payments. If the company attempts to do so, call them and settle the issue amicably; it could be just a misunderstanding. However, if the company cannot be reached, ask the bank to stop payment on the checks. Most likely after doing so the company to contact you. Honesty is the best policy. It is not uncommon that payday lenders may try to intimidate you more so if you are late in payments. Do not be intimidated. If you are having trouble making the payments on time, be honest and tell the company up front. Do not avoid the company’s phone calls. If it does not hear from you, it will people you listed as references, and worse, the payday lender will seek legal action against you to collect payment. On the other hand, if the intimidation is grave in nature or if the payday lender refuses to settle amicably or engages in other illegal practices like inserting unauthorized charges in the your bank account, you can always take legal action to protect your rights. This blog is not legal advice, but shares information on the law. We are living in hard times; people lose their jobs and many are struggling to make ends meet. Legalbargain.net gives back to society by sharing it’s knowledge and producing advocacy videos to put justice within the reach of those who believe justice is only for those with money.
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