A payday loan can offer a quick fix to a short term financial emergency. However, you want to be sure that you don?t get taken in by a shady lender. So know your legal rights before you sign any paperwork.
Your Rights
Payday loan lenders must abide by both federal and state laws. State laws will dictate amounts you can borrow and your repayment period. For example, Montana limits cash advances to $300, while Illinois sets caps at $1000. Regardless of where you live, you can expect some basic protection under the law.
Know The Costs Involved
Before you sign for a cash advance, you have the right to know the cost involved. This includes both the APR and loan finance fees. Legitimate lenders will post this information on their website or send it when you View the rest of this article
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