What online pay day loans mean for your financial reform – what you can do
Greedy bankers like Goldman Sachs caused a financial crisis that is making life hard for ordinary folks these days. Even while these banks were bailed out by a personal loan from the government, they often refuse to offer credit to most people when they need it most. Fortunately, there is convenient access to quick cash in an emergency with payday loans online. Short-term online pay day loans are typically between $100 and $500. Nearly half of such loans are for amounts between $201 and $300, and about a quarter are between $101 and $200.
Safe online loans
When you get in a pinch and need to borrow money, you can get online loans safely, thanks to the Online Lenders Association (OLA), a group committed to preserving affordable access to short term credit for millions of Americans. Before you arrange your cash til payday loan, make sure your money lender is a member of the OLA. OLA members are pay day lenders that have made a difference in the lives of responsible borrowers who need short term cash relief.
Using online pay day loans responsibly
While online short-term loans can offer you the ease of borrowing within the convenience of your own home, it only makes sense when it’s done responsibly. Here are a few tips from the OLA on how to only use pay day loans the right way:
Be aware that online short-term loans are real loans and must be paid back within the terms laid out by the lender.
Read all the terms of the online loan carefully before agreeing to the loan. OLA member companies are required to provide full disclosure of loan terms to customers.
Online short-term loans are like any other loan and come with a fee. If you must extend the amount of time in which you can pay back the loan, the fee will most likely increase.
Applying for an online loan requires you to submit personal information including your bank account information. Look for information on the lending website about protection and security of your personal information. OLA encourages its members to display the OLA logo on their websites so consumers can borrow with confidence.
Never agree to loan terms you cannot afford. For example, do not borrow more than you can repay in the allotted time frame.
Do not use short-term loans as an unrealistic or long-term financial solution.
Never use a short-term loan to pay off an existing loan.
Online pay day loans: be informed
For urgent needs such as emergency medical expenses, unusually high utility bills or unexpected car repairs, an online pay day loan, when used responsibly, can help bridge the gap in household cash flow between paychecks. For people who need online payday loans, OLA members are reputable companies that adhere to an industry standard of best practices and a code of conduct. OLA pay day lenders ensure that you are fully informed and fairly treated.