Though there are many online merchants out there, online payday loan services more commonly get their start in the mail. Almost by law you can start your own business online, even though only a small percentage of the clients in real life receive their loans on the Internet.
The Fair Bankruptcy Abuse & Consumer Credit Act states:
No person shall enter into any contract, agreement, or advice under any language, whether verbal nor written, that shall be in contravention of law.
Now, online payday loan services does not mean that they will turn around and offer you a paperless process of paying bills online. It does mean, however, that they deliver a printed piece of paper that is absolutely silent about your business, even though you have paid them on the Web. Let’s take a look at some of the real issues head on before a merchant decides to go the route and offer you one of their official credit card sites.
First, online payday loan services do not offer you any form of traditional account management. As a result, you are required to setup a separate account with the right company to act as your authorized bearer. As such, it is your business law right to ‘informed consent” from using a service that provides an account for your purpose. If you have been turned down on the application for a credit card to do so has, so far at least, been illegal in your state for the same reason.
It should be noted, however, that online payday loan services aren’t in the business of providing services in a siloed setting. You are required to be in the clear, and not to move about looking for your way out of an emergency or bill your loved one in the middle of the night. There is no government endorsement of one site over another, and you aren’t even required to provide all of your personal information.
‘As a result of its intended purpose, payday loan services (which are run by legitimate individuals) is subject to the following conditions:
‘ The provider shall cause a notice immediately posting advertising online of the provider’s intention to cease operation and return to normal operations within fourteen (14) days of mailing any final or estimated estimated receipt.
‘ Anyone who receives, or has access to, a credit report from a provider under the fraud or security provisions shall provide a notice to the provider who receives or has access to the report at the address indicated.
Even if a provider is not a government endorsement provider, online payday loan services are bound to exercise legitimate authority and responsibility under the Electronic Commerce Access Act with respect to their use. This means, for example, that you ‘re the only one authorized.’ This is a clear message to people who have decided they need to start using the Internet to start up your business.
The next key clause in the Fair Bankruptcy Abuse & Consumer Credit Act is ‘indefinite coverage’ plus any conditions that prevent a consumer from continuing to use the service after it has ended. Dispensaries must investigate each dispute with the other ender at their own discretion and begin paying the endurer back as promised. Until the lender obtains the stipulated ‘indefinite coverage’ from the law, you can expect the final check to be returned to you in the mail.
Obviously, you can’t start a new business unless you have received an initial written authorization in the form of a check from the initial merchant. On no other line of credit do you have the authorization to start the business legally? While online payday loan services may provide you the documentation required for approval, they are usually there to ask you to provide them with proof to show that you are the authorized person. In addition, most online payday loan sites require an authorization from you.
Just as you don’t need a lawyer to create your business plan, you don’t need an attorney to actually start creating your bill-paying budget. If an online payday loan service offers you a tool to cancel your credit cards so that you can settle the bill in full, you can apply either to increase your monthly payment, or to reduce your credit card limit. Paydayday loan counselors are great opportunities to start rebuilding your credit and, hopefully, start setting aside a dollar or two for each debt that you have paid on your credit cards.
Despite all the information presented by online payday loan companies, there is one thing that most can ‘do’ online payday loan providers cannot tell you right away: you don’t have to show up in person to cancel your credit cards. What these places are telling you, of course, is that you are legally authorized to accept credit cards. If you don’t think you normally want to accept credit cards and aren’t willing to be a pawn in their financial scheme, well, that is not your business, isn’t your business.