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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 information 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.
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 usually 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 personal guarantee unsecured loan 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 personal guarantee unsecured loan your checking account every two weeks, said Lauren Saunders, the managing attorney at the National Consumer Law Center, a Boston-based nonprofit group.
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Photo: ReutersSuzanne Plunkett. A lender makes a loan. Then a personal guarantee unsecured loan pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments.
This last step would be a key lesson from the subprime mortgage crisis. But too often, federal regulators say, that step is missing from payday loans sold to the working poor, leading borrowers straight into a debt trap.