Need a payday loan up to $1500? Visit www.YourCheckAdvance.com/?Nittyb for INSTANT approval, get the cash that YOU need in one hour!(2optout rply stop)
SPAM: Need a payday loan up to $1500? Visit www.YourCheckAdvance.com/?Nittyb for INSTANT approval, get the cash that YOU need in one hour!(2optout rply stop)
Received a spam text message: Need a payday loan up to $1500? Visit www.YourCheckAdvance.com/?Nittyb for INSTANT approval, get the cash that YOU need in one hour!(2optout rply stop)
They are sending texts to those in the states in an ILLEGAL ATTEMPT to loan money in those states where they are banned.
High cost payday loans are illegal in 15 states. As of the end of 2008, the following states outlaw these very expensive loans:
Arizona was added on July 1, 2010
Arkansas
Connecticut
Georgia
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Ohio
Oregon
Pennsylvania
Vermont
West Virginia
Payday loans are also illegal in the District of Columbia, the Virgin Islands and Puerto Rico.
In addition, Congress banned payday lending to service members and their families.
Rollovers: The average borrower pays a fee of $18 per $100 borrowed, borrows $325, and rolls over the loan eight times before finally paying it off. This average borrower will end up paying back a total of $793 for a $325 loan. If the borrower can't pay back the loan when it is due, he or she doesn't get any more money, but pays another fee to roll the same loan over and avoid overdrawing. Ninety percent of payday lenders’ profits come from loans that are rolled over.
False threats: Payday lenders sometimes threaten borrowers with criminal prosecution for writing “bad” checks. In fact, there is nothing illegal about writing these checks (if there were, payday lenders would be aiding and abetting a crime each time that they told a borrower to write a post-dated check). .Nevertheless, many consumers are terrified by these false threats of criminal prosecution.
Internet lending: Using the Internet to borrow money increases the possibility of harm to the borrower. Internet lenders are generally not physically located in the borrower’s state and often aren’t even based in the U.S. They may lend over the Internet in order to avoid the protections of applicable state laws and to make it virtually impossible for the borrower or any government agency to find them. In addition, borrowing over the Internet increases the chances of identity theft and other privacy violations.
Disguised loans: Some payday lenders pretend that they are selling goods or services in exchange for a check. Others engage in “sale-lease” shams where the lender will “buy” some item of personal property and lease it back for a “rental” payment due in two weeks. This differs from what a pawnbroker does because the lender doesn’t hold onto the item involved