Tag Archive | "fair debt collection practices"

Four Scams Aimed at You If You Have Bad Credit

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Scammers are every where on internet and their main goal is to trap you to take as money away from you as they can. You can meet such scammers anytime while trying to deal with your troubled financial situation. This article contains information about four most common scams which might catch you anytime. These scams are specially designed for people having bad credit.

bad credit scams

Scam One – Fee is required

These kinds of scams offer you a loan, but they will ask you to pay them a fee in order to get money from them. At this moment, you should bear in mind the important fact about the normal payday loan or any other short-term loan. For such loans, you get the amount of loan first and then you pay off the lending company in return. What scammers do is actually they collect money on the name of fee and disappear without giving you any loan. Other scammers give you the loan, but they take money from you in terms of application charges, form processing fee or any other unnecessary fee. These scammers will charge you extra and unnecessary fee if you have bad credit, but this fee is charged after giving the loan not before it.

How to avoid this scam? The simple solution to avoid this type of scam is that don’t pay any fee in advance. Plus, if the company asks you to call at number starting from 900, then avoid it. Find a lender that doesn’t charge you any fee before giving you the loan.

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Your Legal Rights Against Payday Loan Collectors

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You need money at an odd hour. You walk into a nearby Payday Loan Center. You show you ID, write a check. You get the cash. Payday loans are very simple to get. Its all about convenience and hassle free life. If all goes well, you pay back the cash to get you check back or your check is cleared directly from your account.

If you don’t show up on due date, the check is sent to bank for clearance. If the check is bounced, Payday loan collection process begins. You start receiving phone calls and letters etc. payday loan laws

No matter what the debt collector on phone says, you must remember one thing during the whole process.

“Payday loan is a civil debt. It is not a case of Check Fraud.”

Following are some of your rights during the collection process. We have compiled this list based on Fair Debt Collection Practices Act.

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