The loans come with high fees -- being charged 125 for a 500 loan is typical. Calculated annually, that works out to be a 652 annual percentage rate (APR). Typically, you repay your loan on the following payday, with brick-and-mortar lenders cant log in to citizens one personal loan cashing your post-dated check.
Online, its different: Most web-based lenders require borrowers to let them directly withdraw funds from their bank accounts. Sometimes, borrowers can refuse to give a loan company that access, choosing instead to secure the loan with a post-dated check. But that almost always means undergoing a more difficult application process and waiting longer to receive the loan.
It can be dangerous to give lenders permission to dip into your checking account every two weeks, said Lauren Saunders, the managing attorney at the National Consumer Law Center, a Boston-based nonprofit group.
When you authorize someone to make withdrawals like that, youre losing control of your bank account, she said. Once that happens, lenders can quickly suck you dry, leaving you with overdraft fees or without enough money to pay your bills or rent.
Sometimes, people find themselves taking out a second loan to pay off the first, and then a third to pay off the second.
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WHAT IS A PERSONAL LOAN FOR. People get personal loans to help with home repairs, unexpected expenses, holiday shopping, and more. Such a loan from one of our lenders can help you get the cash you need. Just fill out our Online Form. Follow the short process and if you are approved, receive your cash loan. APR INFORMATION.
Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a nominal yearly rate. It relates to the amount and timing of value received by the consumer to the amount and timing of payments made.
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