Finding an Honest Payday Loan Website
With so many scam stories, it is certainly scary to deal with cash advance websites. Luckily, not all online payday loans are scammers, and it is impossible not to have at least one honest payday loan website. There are many honest websites out there, but you just need to know how to find them.
Dealing with Scammer/Dishonest Payday Lenders: Red Flags
Finding an honest payday loan website is much more difficult than finding the scammers or dishonest lenders. With just one red flag, you can already see that you are about to deal with scammers or dishonest payday lenders. Staying away from scammers and dishonest payday lenders will help you be closer to an honest payday loan website.
High interest rate. Every state allows a certain percentage of interest rate for payday loans or cash advances. Make sure that the lender is giving only the allowable interest rate since payday loans charge about 15% while the interest rate on cash advances is about 20%.
Every cash loan state and situation is different, so you should check what your local law is telling about payday advances, especially the interest rate. Also make sure that the payday lenders are talking about the annual percentage rate or APR, and not the weekly rate.
Very easy requirements. Always remember that an honest payday loan website is offering cash advances for profit, so they are stiff on the basic requirements for cash advance applicants. Basically, payday loan lenders will require every borrower to be at least 18 years old, have a stable job or income, and be a resident of the country. If the payday lenders are too lenient with the requirements, then you must be more doubtful. They are not charities, so if the application seems too easy, better stay away from it and find a real honest payday loan website.
Complaints. Check the company against the Better Business Bureau list. This agency receives complaints and payday loan reviews, and you can look for any complaints against the seemingly honest payday loan website.
Not registered. Having no complaint on the Better Business Bureau does not mean that it is an honest payday loan website. You should make sure that it is registered by checking its name in the business registrar agency of your state.
Read the agreement. A registered business is not always an honest payday loan website. You should still read the agreement carefully before dealing with it. All the deals must be agreeable to you, and must not put you into more debt or harm you in any way.
Although a payday loan and cash advance is a fast loan intended for emergency needs of cash loan, you should still be a wiser consumer by dealing only with an honest payday loan website. Keep in mind all these red flags, and always trust your instinct.
Applying for an Honest Payday Loan Online
You should also know how to deal with an honest payday loan website. Never deal with any payday loans online or offline lender without following these steps:
First, make a concrete plan on how you will pay the loan. Payday loans are short-term loans that should be paid in full with interest within two weeks or one month. You should make sure that you can pay your loan, or you will spend more than how much you originally intended.
Third, apply for your loan. Apply only for the amount that you need. Otherwise, you might not be able to pay your loan on time. An honest payday loan website has an online form that needs to be filled by applying borrowers. Submit this form and wait for the response.
Fourth, get approved and get the cash advance. The lender will notify you by email or call if your loan has been approved. The money will be sent to your checking or bank account, and you can use it just how you planned.
In a traditional quick cash loan today, payday loan lenders will ask for many documents before releasing money, and still more for when you will pay your loan. However, with payday loans online transactions, you can always repay without those documents.
Finding a Legitimate Payday Loan Website
Physical, brick-and-mortar payday loan lenders are more believable than online payday loans because you actually see that they are real, who they are, and what they do. Online payday loan lenders, on the other hand, can easily disguise and run away.
Dealing with online payday lenders cannot be prevented, especially if you need a cash loan right away, so just play it safe by knowing how to find an honest payday loan website.
First, ask around for recommended payday advance websites. It is much better to get recommended cash loan lenders from the people you know. If none of them can provide recommendations, then at least read a forum or payday loan review that will provide honest recommendations.
After getting some recommendations or reading payday loan reviews, you will have to check the suggested honest payday loan websites one by one. Do this to compare their rates, deals, offers, and feedback. Again, check the payday advance website with the Better Business Bureau or any other state-based organizations that will guarantee the legitimacy of the payday loans online lender.
Pick the best among online payday lenders based on your criteria. Take note that you should prioritize the legitimacy of the business and everything else will follow. The best lender will certainly be an honest payday loan website.