How To Collect Payday Loan Proceeds

July 17th, 2011 by admin

How do payday lenders collect the proceeds of their Payday Loans? There are a few ways to do that. First and easiest, the lenders just debit your account for the amount they lent you plus the transaction fee. Auto debits are fast and convenient. The second option is to ask you to issue a postdated check as payment, which they will deposit on the due date. Their third option is to give you their bank information and ask you to deposit the money yourself. The last option is pretty much unheard of unless in cases of extreme emergencies where the lender cannot do the first or second option.

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