Cash Advance Services - A Debt Relief Trap

I am astonished at the number of client I have talked to who complain about their experiences with payday loan/cash advance services. Due to the excessive amount of negative comments I have heard from individuals, I would not recommend these types of services to anyone, and faced with a situation where you are forced to use a cash advance services, I urge you to be 100% sure that you can repay the debt within 2 weeks before signing on the dotted line.
Payday loan services, while they do provide a legitimate service, tend to prey on desperate individuals in need of quick cash. Their situation forces them to pay fees that range on average from $15-$20 per $100 borrowed and APRs from 150-800% or more yearly. There are usury laws that exist in the United States to prevent abusive interest rates, but unfortunately, payday loan services are not governed by these laws. Many of these companies charge fees, which are not considered interest, thus providing the loophole then need to circumvent regulations. Other companies, mostly online, provide services in the United States but actually operate out of other countries and therefore do not abide by US regulations.
From speaking to numerous clients, it seems as though these companies tend to trap you with their high fees and interest rates. They rely on individuals being unable to pay them back quickly, which allows the debt to balloon rapidly. In many cases, the balance of these loans can easily double in 3-4 months. The worst part is that these companies require clients to give them checking account information so that they debit payments regularly. Typically, debits are timed randomly and are for varying amounts, which prevents consumers from placing stop payment orders with the bank. Additionally, the payments taken are almost always just for interest, permitting the outstanding balance to grow continually. Due to the nature of the withdrawals, many individuals have been charged non-sufficient funds as well as over-the-limit and overdraft fees.
Cash advance companies are very aggressive and predatory. Most clients have been forced to close their checking accounts to prevent these companies from cleaning out bank accounts. If you are having trouble with one of these services, I recommend speaking to a Debt Relief expert. They work extensively with these types of companies and know ways to better handle them, thus saving you hundreds or thousands of dollars as well as time, hassle, and stress.

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