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What is a payday lender?

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Anonymous

12y ago
Updated: 8/20/2019

A payday lender is one that will lend you a relatively small amount of cash, and in turn, charge a high interest rate. They will typically withdraw the money on a set schedule, on the day you get paid.

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Wiki User

12y ago

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Related Questions

Can you get sued by a payday loan company for moving out of state when you have a payday loan in the state that you are leaving?

Any lender has the right to sue regardless of the reason if you choose not to pay them back. Leaving a state where you took a payday loan is not a reason for a payday lender to sue you - not paying them back is.


Can you get a payday loan with out a bank account?

Actually it is not easy to get apply for a payday loan without having a bank account. It is not like any other loan where a money lender can easily assist you. However you can try consulting payday lender offices.


Are payday loan illegal?

Payday loans do hold a legal status however it depends on the states. We all know for a fact that there are rules before you can get a loan from a money lender or even a licensed money lender and that same goes for Payday loan.


Can a payday lender sue you if you were not approved for the loan?

No. If you were not approved for the loan, no loan was made and therefore you don't have any responsibility to the lender.


Can a investigator call you about a payday loan?

Yes, if he or she is acting on the behalf of the creditor/lender.


How can I apply for a my cash payday loan?

To apply for a my cash payday loan, you typically need to fill out an online application on the lender's website. You will need to provide personal information, such as your income and banking details. The lender will then review your application and determine if you qualify for the loan.


Can a payday lender file criminal charges if an account is closed in Ohio?

Only if fraud is involved.


Can you be sued in pa for a payday loan?

The laws regarding payday loans are simple, payday loans are prohibited in the State of Pennsylvania. (The Check Cashing Licensing Act of 1998 prohibits check cashing agencies from issuing payday loans) Thus you cannot be sued from a payday lender who loaned you money. David Schmidt, PLDR


What does the process of payday lending consist of?

The process of payday lending consists of the lender supplying a short term loan for a flat fee. The loan is unsecured but the lender will usually require proof of employment or income. The borrower writes a post dated check and returns on the due date to repay the loan. If the loan is not repaid the lender will cash the check.


What happens if you cant pay your online payday loans if you live in Maryland?

In Maryland, legally you have nothing to be concerned about. Payday lending is illegal in Maryland. No payday lender could successfully take any legal action against you. They will still harass you and attempt to scare you into paying them. They will threaten to sue, arrest, garnish, suspend your license, etc. They can do none of these things. You need to report any payday collectors to the Maryland Commissioner of Financial Regulation. They will advise you of the laws, and initiate an investigation into the payday lender/collector.


How do payday cash advances work?

You give the lender a check for the amount of money you want to borrow – plus a fee. The lender keeps your check and gives you cash – less the fee they charge. On your next payday, you have to pay the lender in cash. For more information visit the simplycash.ca


Can you get a payday loan at another payday loan place if you have a cash advance payday loan out right now?

Yes it is possible to attain a payday loan from another payday lender if you already have a cash advance payday loan. Since the loan is for a temporary period, it is not an issue if you have another loan. Also, there are no credit checks and so the process of attaining such kind of a loan is easy and hassle-free