The Fair Debt Collections Act (FDCA) dictates how loan agents and debt collectors can conduct business. All lenders are required to abide by these regulations. Understanding how lenders can legally operate will keep you from being the victim of a scam. Below are some illegal and questionable behaviors which may indicate a scam:
To help you protect yourself from scams, some helpful tips are listed below:
If this is your first cash advance, or if you’ve recently moved to a new state, then you might not know about your state’s cash advance regulations. Each state has its own unique rules pertaining to cash advances. Click on the map for more information on your state. Here a few regulations you should look out for:
Everyone has financial emergencies and goes through times when money is tight. You might need to get your car fixed or you might need money to cover unexpected medical costs. Getting a cash advance is one way to get money in a short amount of time.
However a short term loan is not a long term solution to financial hardships and is not a solution for your bigger financial needs. Repeated use of these types of loans can actually make your financial situation worse in the long run.
These days, the average American household carries $15,000 in consumer and credit card debt. That is a staggering sum of money to owe and it can seem hopeless to ever pay it off.
People who are this deep into debt are rarely able to get out without help. And by ‘help’ we don’t mean having a rich uncle offer to pay off your debts! One of the best ways to get out of debt is to learn how to handle your money, which is probably not something you can do alone. A credit counselor offers help to those who want to get rid of their debt problem. Some credit counselors offer an initial counseling session for free. After that you might contract them to help you on an ongoing basis.
Since many people never take the time to understand their finances, credit counselors help you to take stock of your financial situation – how much money you make, how much debt you have, how much money you have in the bank or invested. Once you understand your situation, you can begin to learn ways to change your spending habits and better handle your money.
A credit counselor helps you make a realistic plan for paying off your debts. The counselor may help you to recognize and change certain habits. They will probably make suggestions such as altering your spending habits, cutting monthly expenses, or negotiating payment plans for existing debts.
If you have tried to read books about finances, but couldn’t make changes, it might be helpful to have a real person to talk to face to face when you need advice or help and to keep you accountable. Or maybe you have gotten poor financial advice from family and friends. A credit counselor can help you overcome their poor advice.
If you are in debt, a credit counselor could help you on a number of levels. To find a legitimate credit counselor, consult your local Better Business Bureau, the National Foundation for Credit Counseling, or the United States Trustee Program.
Whenever you sign a short term loan agreement, you agree upon a payment schedule. This dictates how often you will make payments and how long it will take to repay your loan. Sticking to that schedule will get your loan repaid on time, but what if you chose to pay it off sooner rather than later?
You might be asking, ‘Why should I repay my loan ahead of schedule?’ One reason is to save money because you will pay less interest on the loan. Another reason to pay it off early is that you won’t have stress of having an unpaid debt.
Since your finances may already be stretched thin, you might think you can pay your loan off early’ but even if money is tight, there still might be ways for you to pay off your short term loan faster. Below are some suggestions:
Your lender won’t penalize you for paying more than the agreed upon amount or for paying off your loan early. By following these suggestions, you can redirect your money towards repaying your loan and get out of debt faster.