Then the company requests the customerвЂs bank account information so it can directly deposit the loan вЂ and eventually withdraw its repayment. Industry advocates say the loans offer a crucial service for Americans with poor credit histories who would have trouble getting bank loans.
But paying back payday loans is rarely as easy as taking them out. Payday lenders usually donвЂt assess their customersвЂ ability to pay back the loan, instead relying on direct access to a bank account to collect payments, according to Tom Feltner, director of financial services at the Personal loans with no credit Federation of America, a nonprofit lobbying group. The model displayed in the graphic below is a common model that payday lenders use to evade state restrictions on payday lending.
A payday lender and tribe get connected through a matchmaker.
The one time I asked for an extension explaining I got injured at work and became disabled, they gave a nasty response saying "Well maybe you should take the bus with your crutches, this is a business matter not personal. " They didn't give me the chance when I still made an offer to pay something until my check comes and they repo my personal loans with no credit. I drove 2 hours to Long Beach with the check to give them and they didn't even have my car when they said they did have it there.
This was the 2nd time they lied to me, when I had the cash and they still had excuses. The struggles I went through and just to borrow 2500, they taxed me 123 interest they always 9000!. Paid my car note off on Jan. 07, 2015.
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