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Internet Loans are BAD- part 2

May 16th, 2011 Scott Wantland Posted in Bankruptcy, Chapter 13, Chapter 7, check advance loans 4 Comments »

Since I last wrote about internet check advances, I continue to see just what rotten lenders make these types of loans.

Often times, people who come to me with Internet cash advance loans don’t have a mailing address for the lender. What a nightmare. They often don’t have mailing addresses on their web site. Additionally, when you call, they won’t even tell you where to send mail.

This is not because they are trying to cut down on wasted paper. For proper notice to be given in a chapter 13 or chapter 7 a proper mailing address must be given. For certain legal protections to arise, notice must be given in writing.

This week, I heard a new low. A payday lender was calling a borrower at work (not a new low). I was shocked (new low) to hear them threaten her with JAIL if she did not pay the loan. Besides this being an outright lie, it’s beyond the realm of legally possible.

It’s hard for me to be excited about the neighborhood cash advance store. They charge high fees and higher interest. However, the more time I see the disaster that Internet based loans are, I have to say it’s better to show local.

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Internet Check Advances

April 12th, 2011 Scott Wantland Posted in Bankruptcy, check advance loans, Credit 2 Comments »

It’s no secret that check advance loans are not a bright decision.  The interest rates and fees on these loans make the real interest rates on these loans several hundred percent- more than times the interest rate of even the most expensive of credit cards.  Even check advance lenders will remind you that check advance loans are high interest and should only be used as a loan of last resort.

As bad as they are, some are worse than others.  At all costs, avoid internet based cash advance loans.  Many of these operations operate from outside the United States- and United States law.  Most don’t respect common protections of bankruptcy.  Even if you seek bankruptcy protection, they will continue to take money from your account.  You can still sanction them in bankruptcy court, right?  WRONG.

Because they operate off shore in far away lands, they don’t respond to court notices.  They are far from justice and far from fair.  They often charge fees beyond what is legally permissible.  They are a really bad deal- even for what is already not such a great deal.

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