The Better Business Bureau (BBB) recently sent out a warning to consumers that were shopping around for credit regarding cash loans, short-term high-rate loans, cash advance loans, check advance loans, instant payday loans or title loans. The BBB specifically warned against lenders that ask for fees up front to begin the loan process and then after receiving the fees from the consumer change their phone number and walk away without paying the loan. It’s sad that we live in a world where organizations or people con people in such ways. The warning from the BBB about cash loan robbery reminded me of a business trip I took to Egypt.
Robbery in Egypt in instant payday loans
A number of years ago I was doing some consulting work for an organization that was doing some work in Egypt. please click in my key instant payday loans. Going to Egypt to work seemed very exciting to me, especially considering that I was young and wasn’t as experienced in traveling. I remember taking a short taxi ride from the local buyers market back to the home that I was staying at. When we pulled up to our destination I pulled a wad of Egyptian bills from my pocket and began looking for the right amount, when all of a sudden the taxi driver grabbed my largest bill. At this point there was nothing that I could do about the robbery especially since he looked like a man I should argue with, sheepishly I ditched the cab. First off I did a number of things wrong, getting robbed was my fault alone. First, I should not have sat in the front seat next to the driver, because of my position he was able to see what I was doing or where my valuables were. Second, I shouldn’t have pulled out a wad of instant payday loans in arm’s length of him. Third, I should have learned to speak the language-okay, this may sound unreasonable, but it certainly has merit when it comes to instant payday loans robbery, read on.
Know Your Financial Position in instant payday loans
The same lessons I learned in Egypt go well when it comes to instant payday loans lending. The first thing that you want to do is to understand your financial position. Know where you stand financially and look at all of your options. There are a number of different credit tools you can use such as credit cards, IOUs from family members, and so on. After you’ve assessed your options begin a cost-benefit analysis or a basic pro-con list. A credit card may be advantageous according to the terms, or in other circumstances may be a friend or family member can lend you money, or if you’re in a tight spot without friends, family, or good credit then a cash loan may be your best option. Regardless of the circumstance always know financial position just like I should have been aware of my position in the taxi cab.
Know How Much Money You Need From Your instant payday loans
Second, know how much you have and how much money you need. This is vital when looking to use instant payday loans. There are many organizations out there that will make it as easy as possible to get as much money that is feasible for both you and the lender. The more money you take out the more money you’ll owe them in the end. When I was in college I received specific coaching in this when I decided to take out a student loan for my education. When you take out an instant payday loan please know how much you need, otherwise, you may be paying back more than you want to.
Learn the eCash Loan Language
Third, learn the cash loan language. The best way to learn the language is to ask questions about everything. I cannot iterate this enough! In any venture, deal, opportunity, or as in this case, borrowing money ask questions! You don’t know how much this will save you time, money, and headache… especially if the lending organization is trying to scam you. Here are a few things that lending organizations need to be asking you regarding the cash borrowing process:
* Questions about your work history. Questions about your work history are important because the loan is given according to your earning history.
* If they loan via the phone you can chalk it up to being a scam, by law lending organizations are not able to loan via the phone. They can call and confirm information details, but they cannot exact the deal over the phone.
* Although credit histories are less important in the payday industry they are still important to a point, if they don’t ask you for credit information then I would be leery regarding the instant payday loans.
If the said three lessons and three tips are adhered to then your chances of becoming a victim to cash loan robbery are greatly decreased. I personally wish I would have adhered to these guidelines whilst I was in Egypt, but alas, I’m passing my wisdom on to you. So to summarize be aware of your financial position, know how much money you need to borrow, and understand cash loan jargon and terms-these three tips will help you avoid cash loan robbery.