Avoiding Payday Loans Fraud Traps
Continuous Payment Authority (CPA) is also a method through which loans can be repaid. Through CPA, the money lender takes money directly from your bank account. Both the parties need to be honest and trustworthy so that the whole process can be made easy.
The borrowers need to remember that some money lenders charge late fees if the EMI is not paid on time leading to more debt. Thus it is advisable that you continue to pay the installments on time.
It is important to keep track of your expenses and other financial expenditures so that you can know if you are able to repay the loan until your next payday.
Get Your Loans Approved
Though a convenient way to get loans, following safety precautions before applying for it can save you from entrapping yourself in a debt trap or a fraud trap:
- Before applying for any loan, you need to verify whether the money lender is trustworthy or not. Check about the money lending history of that organization and ask its customers about its reviews so that you can get a full picture about that company.
- Always choose those money lenders who are licensed, that is having a license can pretty much make sure that the company is not of dubious or shady character and that it would not do anything that can get its license cancelled.
- Go through the terms and conditions carefully before applying so that any doubts and queries can be solved beforehand to avoid complications and frauds later. All the instructions should be read clearly so that you do not get cheated and dragged into legal procedures.
- While choosing the plan, you need to be vigilant so that only that plan gets chosen which will serve you the best. Do all the calculations before finalizing it to prevent the late repayment of the loan which can lead to penalties as well.
- Ask about any hidden charges before so that while repaying the loan you can have the required amount of money with you.
- Keep checking your bank account and transaction details time to time in case you have opted for CPA system so that you can know if right amount of money is being withdrawn or not.
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