четверг, 11 июня 2009 г.

Five Tips for a Safe Payday Loan

Today, applying for a payday loan online has never been easier, more convenient, and fast. While most lenders are honest, working hard to provide borrowers with the best loan, lowest interest rate, and most flexible schedule possible, applicants still need to be smart. Unfortunately, identify theft is on the rise and it all starts with the wrong website.

Of course, if the individual has a true financial emergency, then he or she may need to choose the best lender quickly but if the person has a little bit of time, it would be beneficial to look at a variety of lenders. Additionally, a person could be faced with a number of issues if he or she does not make the right lender choice.

1.People interested in a payday loan should not simply go from one lender to another waiting to see which one offers the loan first. The reason is that while this might seem harmless, some of these sites actually have a charge for the application. Therefore, while it might see normal to provide bank account information since this is a criteria for a payday loan, the individual might see the statement and be shocked by all the charges.

2.For the best safety in looking for a payday loan would be for the applicant to look for one that has the CFSA logo on the website. This is assurance that the lender follows strict regulations, and that the CFSA Company monitors them on a regular basis.

3.Next, some online lenders will have a disclaimer stating the site or business owner is not the actual lender, meaning a third-party lender is involved. Before taking out a payday loan, the applicant should identify the true lender and then research that company as well.

4.The lender of the payday loan should have their physical address listed but if not, there should be a question of why. Any honest and professional company would gladly provide address, phone number, email address, and any other contact information.

5.Finally, it is important for a borrower of a payday loan to understand the price and consequences of paying late. What most people do not realize is that more than 90% of the money that online lenders make is from late fees and other penalties so having a full understanding of the terms is critical. Typically, as long as a person pays on time, there is not a problem but as soon as a payment is late, fees are added and the lender reports it to the credit bureaus.

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