You will need to sign a loan agreement for a payday loan, just like you would for any other type of loan. Still, you should take the time to read all the small print before you sign. Not only will you learn about your rights, but the forms also have useful information.
How to get in touch with the lender
In your loan agreement, you should be able to see how to get in touch with the lender. This should have the name, address, and phone number of the company. They may also have a fax number or an email address. You should be able to get in touch with the lender if you have any questions.
List Of Fees And Interest Rates
There will also be a list of fees and interest rates in your loan agreement. You'll find the APR, which should have been shown to you before you signed the contract. You will also see how much money you have to pay back for the loan.
There are also fees for things like being late or having a check bounce. These fees can add up quickly, so it's better to work with your lender to extend the terms of your payday loan than to pay big late fees.
Needs to be paid
You have to pay back your cash advance loan when you get paid next. But you can also choose to pay the amount back over a few weeks. Your loan agreement should spell out all of the details, no matter what they are.
You should also look at the sentence that says, "You can't be charged with a crime for collecting this loan." This means that you can't go to jail for not paying back a loan, but you could end up in civil court. Fees for the loan and court costs can be collected through the court by garnishing your wages, putting a lien on your assets, or doing something else the court decides.
Don't know enough
If your loan agreement doesn't have these basic pieces of information or if you don't agree with the terms, you shouldn't sign it. You might be doing business with a sketchy company. It would be better to look for another payday loan company that you can trust.
