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Beware of Online Payday Loan Sites

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<html> <head> <title>Beware of Online Payday Loan Sites</title> </head> <body> <h1>Beware of Online Payday Loan Sites</h1> <div class="info">Author: <a href="http://peteglocker.articlealley.com/">Pete Glocker</a></div><div class="body">BOCA RATON -- Payday lenders all over the country are using the technology of the Internet to move their check cashing stores from the street corner to the World Wide Web. The Internet gives customers the relaxation of getting payday loans in the comfort of their own homes. But, there are many catches to be aware of when it comes to these companies. <br /> <br /> According to BankRate.com, these sites require a startling amount of personal and financial information. They require your Social Security number, a driver's license number, your mother's maiden name, a home address and employment information. You also have to give them your checking account and bank routing number. <br /> <br /> The most important part to watch out for is giving them your bank account information. By doing so, these lenders have access to your account and make unauthorized withdrawals and say they are collecting owed funds. In some instances, these online payday sites are not even in the United States. Many are in the Caribbean islands, Canada and elsewhere around the world. So, there is no way to track these companies down if they make unauthorized withdrawals. <br /> <br /> According to Consumer Federation of America (CFA), loan borrowers are typically hit with a 650 percent APR's. Most of these sites can cost up to $30 per every $100 borrowed. The growth of these payday loan sites are astronomical and causing major problems with law enforcement officials. <br /> <br /> About.com states many surveyed lenders automatically renew loans by electronically withdrawing the finance charge from the consumer's checking account every payday. If consumers fail to have enough money on deposit to cover the finance charge or repayment both the payday lender and the bank will impose insufficient funds fees.<br /> <br /> In order to avoid using these types of companies, people are urged to seek payday advances from their employer, put off purchases, put a percentage of money into a savings account every pay check and create a budget. <br /> <br /> Pete Glocker can be contacted at pete@dmcccorp.org<br /> <br /> Debt Management Credit Counseling Corp. is a nonprofit organization that provides free financial counseling and seminars. If you would like to set up a free educational seminar, you can contact the Educational Department at 1-866-285-0994. You can contact us for a free analysis at 1-800-863-9011 or visit our website at www.dmcccorp.org<br /> </div> <div class="source">Article Source: <a href="http://www.articlealley.com/http://peteglocker.articlealley.com/beware-of-online-payday-loan-sites-11538.html">http://www.articlealley.com/http://peteglocker.articlealley.com/beware-of-online-payday-loan-sites-11538.html</a></div> <div class="author"> <div class="authorOccupation"><strong>Occupation:</strong> Associate Coordinator of Educational and Charitabl</div> <div class="authorBio"><img src= "http://www.urbanbeachculture.com/petebiopic.gif"><br /><br /> Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. (</div> <div class="authorUrl"><a href="http://www.dmcccorp.org" target="_blank">http://www.dmcccorp.org</a></div></author> </body> </html>

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Beware of Online Payday Loan Sites Author: Pete Glocker BOCA RATON -- Payday lenders all over the country are using the technology of the Internet to move their check cashing stores from the street corner to the World Wide Web. The Internet gives customers the relaxation of getting payday loans in the comfort of their own homes. But, there are many catches to be aware of when it comes to these companies. According to BankRate.com, these sites require a startling amount of personal and financial information. They require your Social Security number, a driver's license number, your mother's maiden name, a home address and employment information. You also have to give them your checking account and bank routing number. The most important part to watch out for is giving them your bank account information. By doing so, these lenders have access to your account and make unauthorized withdrawals and say they are collecting owed funds. In some instances, these online payday sites are not even in the United States. Many are in the Caribbean islands, Canada and elsewhere around the world. So, there is no way to track these companies down if they make unauthorized withdrawals. According to Consumer Federation of America (CFA), loan borrowers are typically hit with a 650 percent APR's. Most of these sites can cost up to $30 per every $100 borrowed. The growth of these payday loan sites are astronomical and causing major problems with law enforcement officials. About.com states many surveyed lenders automatically renew loans by electronically withdrawing the finance charge from the consumer's checking account every payday. If consumers fail to have enough money on deposit to cover the finance charge or repayment both the payday lender and the bank will impose insufficient funds fees. In order to avoid using these types of companies, people are urged to seek payday advances from their employer, put off purchases, put a percentage of money into a savings account every pay check and create a budget. Pete Glocker can be contacted at pete@dmcccorp.org Debt Management Credit Counseling Corp. is a nonprofit organization that provides free financial counseling and seminars. If you would like to set up a free educational seminar, you can contact the Educational Department at 1-866-285-0994. You can contact us for a free analysis at 1-800-863-9011 or visit our website at www.dmcccorp.org Article Source: http://www.articlealley.com/http://peteglocker.articlealley.com/beware-of-online-payday-loan-sites-11538.html About the Author: <img src= "http://www.urbanbeachculture.com/petebiopic.gif"><br /><br /> Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. ( http://www.dmcccorp.org

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by Pete Glocker

Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. (
URL: http://www.dmcccorp.org

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Beware of Online Payday Loan Sites

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