#1896: Short Term Loans - How to Avoid Penalties From Defaulted Short Term Loans
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Reporter: shorttermloans | Owner: Shaina Luna
Type: undecided | Status: new
Priority: major | Milestone: undecided
Version: 0.8.3p1 | Keywords: Short, Term, Loans
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[[Image(http://3.bp.blogspot.com/_0ORky8u8PWE/TBIWqCFS4OI/AAAAAAAAAnU/KFDYQrSgx1E/s1600/business+loans2.jpg)]]
The '''[http://www.swiftmoney.org.uk/ short term loans]''' are short-term,
high-interest loans issued to individuals. Some '''short term loan'''
lenders charge as much as 400 percent in interest, in addition to service
fees, according to the State of New York Banking Department. These service
fees are attached to both the initial loan and any subsequent default.
'''Shor Term Loans''' are typically small in size, but if a borrower
defaults, he can end up paying more in interest and penalties than in the
repayment of principal.
[[Image(http://i.ehow.com/images/a04/bj/2p/short-term-loan-work-
200X200.jpg)]]
Borrowers can take several steps to make sure they do not trigger a
default '''[http://www.swiftmoney.org.uk/ short term loans]'''. Provide
the lender with a bank account number. Get overdraft protection on your
checking account. After giving the '''Short term loan''' lender a bank
account number, make sure the account is secured with overdraft
protection. This means that if not enough money in the account is
available to cover a charge, money from another account is automatically
made available to cover the difference. Develop a backup plan. Although
you may have a primary means by which you intend to pay off the payday
'''loan''', such as a regular paycheck, have a backup plan in case
something goes wrong.
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Ticket URL: <http://trac.buildbot.net/ticket/1896>
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