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Wednesday, September 20, 2006

How online payday loan work?

Online payday loans are marketed through e-mail, online search, paid ads, and referrals. Typically, when a customer wants to borrow some money then a consumer fills out an online application form that requests personal information, bank account numbers, Social Security Numbers and employer information. And then borrowers fax copies of a post-dated check, a recent bank statement, and signed paperwork. The loan is direct deposited into the consumer's checking account for the amount of the check minus the interest.

Some lenders require applicants to agree to keep their bank accounts open until loans are repaid. And the others ask for "voluntary" wage assignments even in states where wage assignments are not legal.

For example, a person who wants to borrow $300 would write a check for $360 and date the check for two weeks from now. The customer gets $300 from the lender; two weeks later, the lender cashes the check and gets $360 back, for a $60 profit of finance charges.

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