Finding the Best Payday Loan Company

You need a little extra cash for a period before pay day, and that’;s okay, it happens to the best of people. 

The question is, with so many websites offering money “fast and easy”, how do you weed out the safe sites from the scams?

1. Location, location, location.

Does the business offering the loan have a valid physical location? Do they offer branches to walk into for more information or to pick up the said loan? In fact, do they provide any contact information at all other than contact via an application form?

I don’;t know about you or other readers out there but I am weary about any loan website where you can’;t talk to a real person about it in person. Many online loan companies without branches will offer a phone number but, even then, be aware of what information you might (and shouldn’;t) give over the line. 

On another note, it’;s usually best if the lending company is in the same country as you. 

Remember, while online can be “quick and easy”, these internet applications can make it quick and easy for the wrong person on the other end to take your most personal information and run.

2. Credentials

I’;m not talking about the loan company’;s this time, I’;m talking about yours. Some say money comes freely and easily but if it’;s too easy, it’;s too good to be true. 

When you are applying for that loan, pay attention to what they are asking for. Are they looking to do a credit cheque or are they looking for proof of income and employment? If neither of these are inquired about, throw up a yellow flag. Legitimate, safe companies don’;t just give money away and expect to get it back without knowing something about your history (and you shouldn’;t take the money without knowing some of theirs).

3. Flee the Fee!

Most loans these days come with some form of a fee you will have to pay. Popular lenders have lendees pay this fee at the time of their loan repayment along with the amount that was originally loaned out. 

If the lending company you are looking at demands an upfront fee before you get started, run. This is illegal in the United States.

4. Cut the Wire

If getting your loan from a particular lending business involved money wiring via Western Union, MoneyGram (still legitimate businesses, I might add) or any similar company, stay away. This is one of the most unsafe methods of accepting money from a lender.

5. Report Scams Now

The best way to prevent getting scammed is to prevent scammers. If you are aware of a loan scam, please report it. You could be saving yourself and somebody else.

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