At
present, there are several unlicensed or unlawful payday lenders operating in
the global market, and exploiting some decent cashless people all over the
world. In fact, they will clearly understand that they are not authorized to give
any kind of payday loans to people within the place where they are operating,
and wouldn’t possess any information on how actually to go about with the practice
of payday loans in the first place.
Coming
Out of the Trap!
In case,
you, unfortunately, fall victim to these kinds of unlicensed payday lenders,
you will certainly be exploited entirely by them as they will naturally make
you into a trap, and would probably make you stay on forfeiting them time and
again. Most of consumers who tend to get payday loans to meet urgent financial
needs are actually not aware about these types of criminal payday lenders,
which is the main reason why these illegal lenders are often succeeding in
cheating people with the use of their shrewd tactics.
Distinguishing
between Authentic and Fraudulent Payday Lenders
As long
as ordinary people around the world fail to distinguish between legal and
illegal payday lenders, there wouldn’t be an end to the wrong money-making
activities of the unlicensed lenders at the cost of poor cashless people. As a
matter of fact, there are many instances where consumers have actually paid
nearly thousands of dollars to repay a loan of say around 3-hundred dollars to
these kinds of nasty payday lenders since they don’t know that they should have
reimbursed only the principal amount what they had obtained initially. So, in
order to help all our readers to escape from the dirty secret of unlicensed
payday lenders, we are presenting some useful guidelines on how to deal with
these kinds of forbidden lenders in the following sections, read through.
Detect
Whether he is Licensed to Operate in Your Region
Try to
contact your area’s (state’s) Attorney General’s headquarters. You can even make
a straightforward Google search to find all the normal payday loans that are relevant
to your region/state, and then use that information to verify whether the
selected payday lender is legitimate or not. This is extremely essential to
make sure that you won’t end up being a victim to some illegal lenders. For
instance, in the States of Massachusetts, and Florida, the normal
functionalists of all sorts of online payday lenders are considered as quite
illegal.
What to
Do When You Find Out a Fraudulent Lender
In case,
you find out any particular payday lender as unlicensed or illegal, make sure
to consider the following steps quickly:
- Close your account
- Make sure that your personal bank pays attention to your request
- Send Electronic mail, and letter to the discovered lender, which helps you to pay only the principal loan amount even after they become licensed to offer payday loans to consumers all over the United States in the latter days
- File a complaint so that other consumers become fully aware of that certain criminal payday lender
Repay in Your Own Ways
If you
still haven’t repaid the principal loan amount that you have acquired from an
unlawful lender, obtain a written agreement from them on how exactly the loan amount
should be cleared up, and make sure that you pay only via money order, and not
via prepaid cards, which would normally cost you additional charges. These are
some practical tips that one should bear in mind, to get protected from unauthorized
or unlicensed payday lenders, who are quite popular all over the world.
Author
Bio -
Edward
Wilson has contributed this guest post that focused on illegal Payday lenders. Apart from this post, Wilson
has written several other articles on payday loans related topics, including
tips to quickly clear payday loans, acquiring payday loans, and many more.
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