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Why you should never take a cash advance

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Why you should never take a cash advance

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Once you reach adulthood, financial responsibilities slowly creep into your life.

Why you should never take a cash advance

As with any online transaction, consumers should do their homework to make sure the lender is reputable, Barden said, adding that a few idiot lenders are giving a bad name to the industry. For Taylor, the field service technician in Virginia who now owes about 20,000 to online payday lenders, there has been some relief. Last month, acting on advice from Speer, the executive director of the Virginia Poverty Law Center, Taylor asked his bank to stop allowing the lenders to make withdrawals from his checking account.

Perhaps predictably, the companies that lent him the money arent happy. Some of them have begun hounding Taylor with phone calls.

Meanwhile, his debt is rising fast, growing higher every two weeks. Finally, the debts have ruined Taylor's credit, which he says will cause him to pay more for insurance and for his cell phone.

He says he feels guilty that he wasnt able to pay back the loans. These people did give me money.

Why you should never take a cash advance

Cape Town The National Consumer Tribunal slapped Eagle Cash Loans, a strand-based credit provider, with a R250 000 fine and cancelled its registration as a result of reckless lending practices, the National Credit Regulator (NCR) said in a statement on Monday.

An investigation by the body revealed that Eagle Cash Loans lent recklessly to consumers and retained consumers bank cards and identity documents, which are in contravention of the National Credit Act. We urge consumers to ensure that they only apply for credit from credit providers who are registered with the NCR.

Credit agreements concluded by unregistered credit providers are unlawful and in contravention of the Act, Peters added.

The NCR reminded credit providers that the overcharging of interest andor fees under a credit agreement is now a criminal offence. Criminal charges will be laid by the NCR against credit providers overcharging consumers, Peters said.

Why you should never take a cash advance