If you are interested in a payday loan, you might be wondering how you can be sure you found a trustworthy lender. There have been many people who have discovered that not all payday loan lenders are trustworthy; some exist simply to trick the customer and take their money. But don’t worry; this shouldn’t scare you away from payday loans, it should encourage you to do your research to find the ones you can trust. This doesn’t have to be a big project, either. There are time efficient ways to discover which lenders are worth putting your trust in.
You should be able to find out quickly and easily if a lender is legitimate or not. Being positive that the lender you are dealing with is honest and can quickly handle your request is not just a luxury when dealing with cash advances, it is an absolute must. When looking to get a cash advance for your emergency or need, you need to be confident of a few things. First, make sure that the personal information you disclose to the payday loan company will stay within that company. Your information should never be given or sold to other networks of lenders who will then vie for your business. Second, look for a Verisign trust seal to be displayed somewhere on the lending company’s website. And thirdly, check with the BBB (Better Business Bureau) to verify there aren’t any issues with the company you wish to deal with. There is a chance that the payday loan company you are looking into will not be listed, as all businesses aren’t, but it could be a good place to begin.
In addition, there are a couple practical things you should know before deciding where to get your payday loan. Look for a lending company that provides no or low cost loans. A free application online should be included in a this type of loan. An honest lending company will not need to charge customers to apply, as it costs them nothing and barely takes any time to process an application. A good payday loan company will always provide applications as a free service and pay for any related expenses through their company. Also, you should look for a company whose loan rates aren’t unreasonably high. The APR that you pay back on top of the loan amount should be a reasonable percentage of that original number. This fee will change from lender to lender, but there are companies that charge lower fees and percentages than the majority.
Another great way to research a lending company is to get their licence number. With this information, you will be able to check into their business history and see if they are really a legitimate company. You shouldn’t feel strange about asking for this information because they are required by law to provide it when it is asked for. If you ask a company for their licence number and they are hesitant to give it to you or make some sort of excuse, that is all the information you need to know that you should not be doing business with them.