posted on 28 Jul 2013 01:21 by mantocore75742
The best way to get out of hidden charges and re-payment traps offered by some payday loan companies is by not signing up with them in the first place says Kitty Payday Loans. You have to take your time to make sure you understand the fees and interest rate charges they are offering. As a rule, when it looks too complicated, you should move on. Reputable Payday lending companies are FTC compliant and provide very simple and easy to understand charges and re-payment structures. You get to know upfront what the roll-over charges would be and they are proud enough of their services to claim FTC compliance.
One of the important requirements of some short-term payday loan companies is that the individual that wants to be approved for the loan must have an active bank account where the money can be sent to and deducted from when the pay back is due. This means banks play a somewhat critical role as far as payday loans are concerned as especially with the payday companies smoothly running their services. It is however illegal in some places for banks to be financially involved with payday loan companies in terms of providing funds and reaping the benefits of the interest rates lending firms charge their customers. This is from upon by the regulating authorities.
The first thing is that a loan is something that should be done after deliberate consideration. One must be certain that the value of the application of the debt is far more than the loan itself and that it can be conveniently paid back. But there is something to be said for taking time out to enjoy a holiday especially when you know that the money can be easily paid back. It might be a weekend hiking trip that will add immense value to your family relationships or a surprise holiday for your spouse, the important thing is to make sure that what the loan can do is of far more value than the short-term loan.