Legitimate Payday Loans – How to Find the Right Lender
Tired of payday loan scams that steal your money and your hope at the same time? We've all been down that road before. No matter how frustrating that may be though, it's important to note that there are legitimate payday loans on the market. The trick is to find the right lender to work with from the start. The guide below explains how to choose the right payday loan provider so you never have to worry about your loan's validity.
One of the easiest ways to check for legit payday loans is to look for reviews online. If someone has been scammed out of money by a payday loan company, you can bet that he is going to tell someone about it. 800Notes.com has a whole section for payday loan scam calls and you could also check with the Better Business Bureau to see if anyone has ever complained about the company. This will let you know if the company is real to begin with.
Interest rates on payday loans are always high, but some are much higher than others. Seeing numbers like 400% interest shouldn't shock you, but that doesn't mean you should settle for whatever rate you get. Compare the terms for different payday lenders and see which one is going to give you the best deal. Note what the monthly payments will be able what the overall cost will be to pay off the loan. Then select the one that is right for you.
Assess Repayment Methods
How do you have to pay your loan back? Do you have to take cash into the office every time, or can you pay online or over the phone? If you don't feel confident in your ability to travel to a place every month, you may want to find one that offers alternative repayment opportunities. This is assuming you are paying your loan back in installments. If the bank automatically debits money from your next paycheck, you won't have to worry about going anywhere to make a payment. You just need to make sure the money is in the account.
Talk to Someone
In the end, you can usually spot legitimate payday loans from scams just by talking to a representative from a company. If she seems shady as can be, chances are she works for someone who just wants to steal your money. If she sounds professional and genuine, she might be able to help you out.
The right lender for you may not be the right lender for someone else. Take your time to carefully weed through your options until you find the perfect payday loan.