Payday loans are advertised as one-time “magic fix” consumer loans for people who are short on cash. In practice, these loans trap borrowers in a long-term debt cycle with a slew of additional negative economic repercussions. A typical payday loan carries a 400 percent annual interest rate, and payday lenders have the power to take money directly from debtors’ bank accounts. The business model of payday lenders is based on offering loans that debtors cannot repay without reborrowing and incurring even more penalties and charges. You can contact usapaydayloansdl.com if you have any queries or issues regarding a payday loan.
Before you take out a payday loan, consider the following factors
Make sure you comparison shop for the greatest price. Online payday lenders are required to post their offers on at least one price comparison website so that you can compare them to others. The Regulatory Agency must regulate the pricing comparison service. You may also use the website to find solutions to your payday loan issues. While granting you money, a lender should assess whether you’ll be able to pay it back when you ask for a loan. This means, for instance, that the lender should verify that you have enough money coming in each month to repay the loan.
Payday loans have a lot of drawbacks
While payday loans are a quick way to borrow cash, the interest rates are astronomically high. Lenders are now not obligated by law to verify that you are financially capable of repaying these exorbitant finance charges, let alone the money you borrowed. If you can’t pay it back, the penalties are serious: Depending on how much you borrow and where you live, the charges will differ.
What happens If I don’t repay a payday loan on time?
The payday lender has the authority to charge you a one-time fee as well as a higher interest rate on the amount owed. If there isn’t enough money in your account when the payday lender tries to withdraw what you owe, your bank or credit union will most likely charge you a nonsufficient funds fee or an overdraft fee.
Payday loans might be advantageous in some situations. A payday loan could be a good alternative if you have a good credit history but need a little more cash to cover an expense. However, keep in mind that payday loans include dangers, and if you’re not sure you’ll be able to repay your debt, a payday loan might destroy your credit score or even find you in court.
When looking at motor vehicle collisions, there are not many that are more dangerous than truck accidents. We are looking at a huge size difference when comparing regular passenger vehicles with commercial trucks. Whenever the trailer is fully loaded, we are talking about a vehicle that is weighing up to an impressive 80,000 pounds.
Because of the huge weight and size of the commercial truck, there is a very high possibility those in the other vehicles will be seriously injured. Also, for pedestrians, bicyclists, and motorcyclists, the possibility of death is even higher. Basically, severe bodily harm is very common and can result in wrongful death or permanent disabilities.
Fortunately, the law allows you to receive compensation for the injuries you suffered, in the event that the accident was not your fault. And when referring to commercial truck accidents, the fault is often not that of the driver of the other vehicles involved. However, everything boils down to proving liability.
Identifying Liable Parties
It is always highly recommended to hire an experienced truck accident lawyer when you want to prove liability. Learn more about this here: https://hensleylegal.com/indianapolis/truck-accident-lawyer/.
Getting back to the main topic at hand, liability is always linked to the cause of the accident. This is why you should know about the following causes:
- Driver Fatigue – In so many cases, the commercial truck crash happens because a driver ends up falling asleep or is simply way too tired and cannot safely operate the large vehicle. It is true that all truck drivers need to follow very strict regulations when it comes to hours of operation and many other things. Even so, trucking companies so often encourage drivers to purposely change driving logs. This is why attorneys always verify records to identify potentially unsafe practices.
- Intoxicated Driving – It is always dangerous to drive while impaired but when it comes to commercial trucks, the dangers are so much higher. There are so many truck drivers who are impaired because of the use of controlled substances or alcohol. In such cases, very dangerous accidents can appear.
- Distracted Driving – When the driver of the truck is not paying close attention, it is possible to simply fail in noticing vehicles or even respond correctly on the road. We are all aware of using the smartphone as a common cause of distracted driving but even something as simple as listening to the CB radio can become a huge problem.
- Traffic Violations – All truck drivers need to be very careful as they need to follow all traffic laws, including some that are specifically created for them. When traffic violations appear, especially in tougher driving conditions like difficult weather or curvy roads, accidents are close to follow.
- Mechanical Failures – While in the examples above most of the fault is attributed to the truck driver, in other cases, other parties are liable. Mechanical failures can be the fault of the maintenance crew or the truck company that decided to ignore signs that there are mechanical problems that should be solved as soon as possible. For instance, defective trailer couplings should be fixed fast or there is always the chance that they will malfunction, which would lead to something really serious, like the trailer getting detached.
- Improper Cargo Management – This includes securing cargo and loading cargo. All items inside the trailer need to be secured properly and weight has to be distributed in a way that offers stability.