You might think they’re all the same, but in reality, payday loan lenders are different. When you find yourself in search of emergency funds, you may be a little cautious about applying for an online payday loan. It could be because you have heard stories of people falling victim to identification theft when applying for this type of loan. You might have heard tales of outrageous interest fees being charged by several different lenders. You have so much power and control when it comes to a payday loan as a consumer, yet most people don’t even know it.
In order to make sure that you receive a loan with the best options available to you, it will take some work on your end. Keep in mind that you are looking for the lender that can give you the most. You want to know which company can lend you the most money, but at the lowest rate. You will also want to find out what companies are charging for application fees and even early payoff fees.
Communication means a lot when the company you are borrowing money from is an online lender and all correspondence is done via email or phone call. So when you look for a lender that’s right for you, think about finding a lender that actually has a number you can reach that will connect you to a live person.
Not every lender is going to be answering their phones. In fact, the majority of lenders will have an automated machine that will try to navigate you through the loan process. This should be a red flag to you. Many of these lenders are off shore lenders, and they may not be direct. Off shore lenders are normally able to offer you more money to borrow, but they will also charge you much more in interest because they don’t need to abide by state legislation. Some states won’t allow you to have payday loans. These off shore lenders wouldn’t even have to abide by collection laws and practices. This is why most off shore lenders and known to be predatory lenders. If you live in a state that does not allow cash advances, and you come across a lender that is willing to lend to you, stop and think about what you may be getting yourself into.
Think Twice About a Lender That Doesn’t Follow State Laws
Many offshore lenders prowl on the vulnerability of consumers that are desperate for extra funds. They know that emergency situations happen to people all over, all of the time. Do your research on the lender that you want to do business in so that you don’t fall victim to a form of predatory lenders. When we say to search out the lender that offers you more, we don’t mean the one that offers you the most hassle. Satisfied customers will sometimes post good reviews about a company over the internet. Disappointed customers will often leave bad reviews of a company online and over various social media sites. Look for reviews on the payday loan lenders that you plan to do business with, and it may help you find the lender that offers you the best service.