WARNING Avoid All Pay Day Loan Sharks Cheque Cashing Outfits.
BEWARE OF PREY DAY LOAN RIP OFFS
CHEQUE CASHING SERVICES.
The Federal Government has introduced legislation lowering the maximum interest rate specifically in order to curb these bandits. Both charge outrageous, probably illegal fees.
Pay-day loan sharks are charging annual rates of interest as high as 360% for advance loans, which is why several class-action lawsuits are now swirling.
Some credit card issuers face lawsuits over gouging rates on cash advances.
Both rip off the poor and leave them in worse shape than before. If you need to use a pay day loan service, you are already in deep financial trouble and need to get help... fast.
CREDIT CARD CASH ADVANCES?
Your credit card company considers taking cash advances a possible sign of credit problems and will monitor your account very closely. They also charge higher interest rates for cash advances over regular credit card purchases.
Credit problems warning signs
Before you can determine the best course of action to achieve financial stability, you need to take a look at where you are right now.