Things you must know before signing payday loan contract
Payday loan is one of the most common forms of credits. If you seek a quick, short term loan then you must think about payday loans. Although it has a high fees associated with it, but it still considered as a popular credit way for a lot of consumer, especially those who don`t have accessibility for banking services.
Payday loans are really simple, and you can benefit from them if you have short term liabilities. Most important thing is to understand its high fees and to make sure from your ability to pay it on the due date. The inability to pay your due loans may result into big financial troubles with the lending company.
There are few things to consider before you go for payday loans, and we summarize them here after as follow:
- You have to understand the % of interest, and how much in total you will have to pay in return for your loan.
- You have to know that act laws regulate payday loans allow maximum cost of borrowing to be ($22 per $100)
- You have to understand that being unable to repay your loan may result in paying fixed penalty fees, plus higher interest rate on your due amount. For that you must read the agreement carefully before signing it.
- You have to ask for the cancellation form, in case you want to cancel your loan. In this case no penalty is applied and you are free to cancel it without any fees.
- You can always contact Service Nova Scotia for any claims or conflicts with the lending agencies.
Knowing your rights will help you to avoid going through a lot of troubles, and will make it easier for you to start your payday loan with comfort.