Borrowers online have a dizzying amount of choices for payday loans, said Feltner. One of the biggest concerns is that those loans are not all regulated -- they dont bca personal loan adalah comply with consumer protection laws in the states where payday advance yucaipa ca operate.
The online lending industry says small-dollar loans can be helpful for people who dont qualify for traditional forms of credit. Since the financial crisis, banks have tightened their lending requirements, said Peter Barden, a spokesman for the Online Lenders Alliance, a lobbying group.
For consumers in need of a couple thousand dollars to make ends meet, they have nowhere else to go. Payday loans, which are generally for small amounts of money (usually between 100 and 1,000), are designed to help people make it to their next paycheck.
Most of the time, you dont need good credit to be approved for a loan: Lenders generally ask only for your Social Security number, employment bca personal loan adalah and a post-dated check, which theyll cash on your next payday. The loans come with high fees -- being charged 125 for a 500 loan is typical.
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