For the past years, we continue to witness the development of the different payday loan companies on the market. They provide many qualified applicants a better access to get quick cash even if they have bad credit record and assure faster approval within 24 hours. These companies understand that many people experience financial emergencies and they need immediate money to resolve their problems on time.
We have to admit that majority of the “traditional” lenders like banking institutions and other credit unions do not easily approve their applicants without proper evaluate and submitting complete requirements. Moreover, they never allow loan seekers who want a short-term repayment term. This kind of issue helped many payday loan lenders became more popular today because they offer what these conventional loans do not provide. When applying for a payday cash loan, it is possible to complete the transaction by using the Internet and confirming the approval through phone call.
Lately, they also recognize payday loan lenders as dependable “small dollar” providers. They can easily release the approved fund and inform the application to withdraw the money through the bank on the same day after applying for the loan. When repaying the loaned amount, the lender usually collect the money using the submitted post-dated check by visiting the bank and collecting the money. In case the borrower does not have enough fund to repay on the expected deadline, there is a possible re-payment deal and this already include the added charges, interest rates and penalties for delaying the payment.
There are also fraudulent calls that involve “fake” FBI agents who are trying to scare delinquent loan seekers and force them to paying off their remaining debt on a different option. With the existence of the caller ID spoofing technology, many payday loan borrowers experience trouble dealing with these unreal agents. Once they answer the phone, they see information about the “Federal Investigations” on the caller ID, but the caller only impersonates a line that claim as a legitimate FBI agent.
For loan borrowers who easily panic, they immediately transact or send money to the person and they have no idea that the real lender has no knowledge about it. In most cases, fake agents call and pressure the borrowers to provide their credit card or debit card number and they can immediately transfer the money using illegal strategies.
It is very important for payday loan borrowers to determine the exact agreement from the lender, which include the repayment condition. In addition, they ought to be aware of the “fake” FBI agents who are calling them over the phones to collect the loaned amount illegally.