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Pay Day Loans EXPOSED!!! Part Two
(presented by www.payday-loans-advance.net - payday loans)



By Dorothy Blake

Here is the second part of the expose’ on Pay Day Loans.

You don’t need good credit or any kind of credit, which makes it deceptively easy and alluring for those in need of some quick cash. You must be at least 18 years of age. In most cases, all you need to originate a Pay Day loan is an active checking account, proof of income – usually a minimum income requirement of between $800 to $1000 a month, and your signature. You write a personal check for the loan amount plus the finance charge and then receive your cash. The originator holds your post-dated personal check for future deposit on your next payday when loans and the finance charge must be paid in one lump sum. Another scenario is that the borrower grants the lender electronic access to their bank account. In most cases, borrowers sign over electronic access to their bank accounts to the lender in order to receive and repay payday loans.

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PAYDAY LOANS ADVERTISEMENT

To pay off the loan, you can: • redeem the check for cash • allow the check to be deposited by the lender at the bank • repay the loan and finance charge via electronic access granted to the lender • pay only the finance charge to roll the loan over for another pay period.

When you choose to roll the loan over, the finance charge accumulates, and gets larger. By doing this repeatedly, people get into trouble with snowballing finance charges, usually paying out more money in finance charges alone than was originally borrowed!

Dottye is a Realtor in Central Florida, an internet marketer, and a wife, mother and grandmother. She is the published author of a book and several short stories, songs, articles and poems. For more information, please visit my blog: http://help-me-fix-my-credit.blogspot.com/ .

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For additional Payday Loans online information
and resources visit Payday Loans.
(http://www.payday-loans-advance.net)
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This entry was posted on Monday, January 15th, 2007 at 6:35 pm and is filed under Payday Loans. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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