In Charlotte, North Carolina a woman
with the initials S.B. took out an online payday loan. Times were tough and she
needed some cash to tie her over until her next paycheck arrived.
Instead of taking the time to
research various companies and find a reputable business in the industry, S.B.
decided to work with the first company she found. Unbeknownst to her, the
business that she partnered with has an F rating with the Better Business
Bureau, and operates on deceitful grounds.
When she contacted this company,
which claims to be based in Miami, Florida, S.B. was told that she was eligible
for a $7,500 loan and would have the money the next day. All she needed to do,
a representative said, was wire $1,200 dollars to Canada as collateral.
This is an unusually high amount for
a payday loan, since most short term loans range from $200- $1,000. These loans
often come with higher interest rates, but they only last a few weeks, so the
rates are not as costly as they may appear at the start.
S.B. sent the money promptly, but
she was contacted again and the company asked for another $500 to cover
Canadian taxes.
After this second request for money,
S.B. realized that the loan was a scam. The company had not even claimed to
operate out of Canada! She did not pay the $500, but was unable to retrieve the
$1,200 she had already wired to Canada.
She learned her lesson the hard way,
and now knows to beware of advance fee loan scams.
All customers must be very careful
when dealing with online payday loan companies, especially if they are asking
for fees up front. Make sure that all fines, fees, and charges are included in
the company's agreement, and check the Better Business Bureau rating for any
company you desire to work with.
State authorities are willing to
help Americans locate a trusted online payday loan businesses.
These loans can be very beneficial
to a man or woman in a tight spot between paydays. They are specifically
designed to take care of financial emergencies that cannot be anticipated, such
as automobile upkeep, medical bills, household maintenance, a mandatory
purchase, utility bills, or even just an expensive trip to the grocery store.
You can use an online payday loan for any expense you need to cover, because no
stipulations are put on the money.
If you are in need of some money,
apply for an online payday loan today. Proceed with caution, making sure that
your company is reputable and honest, and you will have a beneficial and
enjoyable loan experience.
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