Obtaining a fast cash loan from payday loan lenders is a good temporary way to help your finances keep up with an emergency cost. The applications are processed quickly with fast cash to provide instant relief. Scheduled payoff is set up to within a few short weeks where all loan money and fees will be paid off.
Spotya! Online Payday Loan Lender puts a lot of emphasis on responsible lending and borrowing practices. As a company, there is work done daily with present customers and future ones too. Part of this work is to inform and educate the readers through blog posts, videos and articles.
As a writer for the company, not only do I write the information, but I also try to use the information with my own budget and help others out as well. I would hate to see a family member, friend or anyone in general get trapped into a situation which will cause big financial problems.
I write often about responsible payday loan lenders who will follow best practices and state regulations in order to provide a quality service to those in need of fast money, but will not take advantage of their vulnerable financial state. So here in this blog, I will take a moment to share with you a press release I read. I won’t name names to cause bad feelings, but more so to continue the education for what a potential customer should watch out for when searching for a direct payday loan lender.
The title of the press release was shocking to me, but I’m sure a reader with a need for money would be relieved. The promise of an online payday loan for those with bad credit with no credit check, sound familiar? Here is the catch; the loan amount offered is up to $2,500! This company understands that people need help with financial problems from time to time and take it as their mission to help customers.
What kind of payday loan lender would do this?
In my opinion, a horrible one! Where are the responsible lending practices? How is this helping a customer when that money amount is expected to be paid in full within two weeks? There was no mention of fees or rates, just lots of embellishing of how great the service can be. I do agree that payday loans can be a great way to help out with emergency costs, but to lend that amount out when many people struggle paying back just a few hundred has me waving many red flags.
If we take a fee of $15 per $100 dollars borrowed, and use this to calculate fees for a loan of $2500, the fees will run you $375. Add that amount to your loan total and your next paycheck will be responsible for paying off a $2875 payday loan. I know I couldn’t do it! Take high interest for loans not paid off on time and keep adding that to your balance. That is a financial disaster.
A potential customer needs to be cautious of falling into a trap of a lender who does not follow best practices. Know what regulations your state enforces and work with payday loan lenders who follow all guidelines and then some. Even if your state does not have a cap on how much you can borrow, some lenders do. A responsible lender will be looking out for the borrower who resides anywhere in the United States. Spotya! is a responsible payday loan lender promoting best practices within all of the states we do business with.
