Interest rates that are much higher than the competitors are also a red flag. Payday loans do come with a high interest rate, yet they should remain similar to their competitors. The lender may attempt to justify these rates by claiming superior service and terms.
The main reason for extreme interest, however, is usually lack of business. There is probably a reason people avoid the lender in question. Steer clear of these types of companies. Low interest rates are often accompanied by high processing fees. This is just an attempt to hide outrageous extra fees.
Ask for a comprehensive list of all the fees before agreeing to the contract.
Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution.
Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. icashloans. com is not a lender and does not make loan or credit decisions.
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