Payday Loans. These loans are usually small, short term and available to those with high-risk or marginal credit. They are called payday loans because, originally, the loan term lasted only till the borrowers next payday. Consumers turn to these loans to pay for unexpected emergencies or to cover living expenses. They should be a last resort since they come with burdensome fees.
What We Evaluated, What We Found. For our reviews, while we didn't obtain a loan through each service, we did evaluate the application process, customer support and repayment options.
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The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. WhiteRockLoans. com is not a lender and does not make loan or credit decisions.
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Payday lending is illegal in New York for a number of reasons : Payday loans are designed to trap borrowers in debt. Due to the short term, most borrowers cannot afford to both repay the loan and pay their other important expenses. If the loan cannot be paid back in full at the end of the term, it has to be renewed, extended, or another loan taken out to cover the first loan. Fees are charged for each transaction. The annual percentage rates list of banks that offer personal loans philippines payday loans are extremely high, typically around 400 or higher.
Lenders ask that borrowers agree to pre-authorized electronic withdrawals from a bank account, then make withdrawals that do not cover the full payment or that cover interest while leaving principal untouched. If the lender deposits a repayment check and there are insufficient funds in the borrowers account, the borrower is hit with even more fees for insufficient funds.
New Yorkers should steer clear of payday loans.