Hdfc bank online personal loan application status

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Hdfc bank online personal loan application status

Com nor Williams were named in the lawsuit. The loans are made under several brand names, including OneClickCash, UnitedCashLoans, USFastCash, Ameriloan and 500FastCash.

This is not the first case the FTC has brought against tribal payday lenders. The consumer-protection agency has also filed lawsuits against Payday Financial LLC of South Dakota for trying to garnish wages of its borrowers and threatening to sue them in the Cheyenne River Sioux tribal court. The FTC says the company has no authority to garnish wages or to file cases against nontribal members in a tribal court.

Online payday lenders are the fasting growing segment of the industry, accounting for more than 10 billion a year in loans. Only a fraction of that money goes to tribal affiliated lenders.

Hdfc bank online personal loan application status

Most of the time, you dont need good credit to be approved for a loan: Lenders generally ask only for your Social Security number, employment information and a post-dated check, which theyll cash on your next payday. The loans come with high fees -- being charged 125 for a 500 loan is typical. Calculated annually, that works out to be a 652 annual percentage rate (APR). Typically, you repay your loan on the following payday, with brick-and-mortar lenders usually cashing your post-dated check.

Online, its different: Most web-based lenders require borrowers to let them directly withdraw funds from their bank accounts. Sometimes, borrowers can refuse to give a loan company that access, choosing instead to secure the loan with a post-dated check.

But that almost always means undergoing a more difficult application process and waiting longer to receive the loan. It can be dangerous to give lenders permission to dip into your checking account every two weeks, said Lauren Saunders, the managing attorney at the National Consumer Law Center, a Boston-based nonprofit hdfc bank online personal loan application status. When you authorize someone to make withdrawals like that, youre losing control of your bank account, she said.

Hdfc bank online personal loan application status