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Payday Loans; Friend or Foe?
Scott
Dec 2, 2008 Miami - With the Holiday Season fast approaching, many Americans are looking for ways to stretch their dollars in a tight economy. Some like Charles Washington of Miami, Florida are turning to short term payday loans in order to fill the gap for the Holidays. Mr. Washington told us, “It just seems like the fastest and easiest way to get a loan for the extra $500 or $600 that I need right now”. With many consumers turning to these types of loans, we decided to check some of them out by doing an online search and then checking local and national complaint records for some of those websites.
Many of our searches online revealed the same few companies at the top of the search listings and when we checked the Better Business Bureau reports for those businesses, we were alarmed at what we found. One company, My Cash Now, consistently appeared in the top search results and when we looked at the BBB Report for this company, it was rated as an “F”. Another company Pay Day One, which also appeared on top of the search results in many of our searches online, has 18 complaints on their BBB Report filed by consumers for various reasons.
We checked into several other Payday Loan and Cash Advance sites lower down in the search engine results and found most to have few or no complaints. We also found a site; www.BestOnlinePaydayLoan.com that publishes consumer reviews of payday advance websites and claims that they will only display short term loan sites with clear BBB and Federal Trade Commission records.
The conclusion is that many Payday Cash Advance sites seem to offer a needed service and do so without compiling a large number of consumer complaints, however some of those who see to be at the top of the heap, (the top of the search engines anyway) may not be reputable simply because of where they appear ranked in Google, Yahoo or MSN. You should exercise your consumer rights and investigate the reputation of a website with the appropriate organizations or check them out on a site like www.BestOnlinePaydayLoan.com before making your borrowing decision.
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