• Do Most Sites Even Offer Actual Payday Loans?

     
    We’ve talked many times about how important it is to apply for a loan with a lender that provides payday loans direct lenders. Compare that to someone who works with to a payday loan matching service or payday advance broker. If you’ve determined you need a short term loan don’t waste your time and money applying online with companies that aren’t even direct payday lenders! Ok, so you’re past that point, right? You read our past blog posts and now know why it’s so important to apply at the source with an actual direct lender? Hopefully you shook your head up and down in agreement! Companies that are not direct funders Let’s move on then! Consider the next steps after you’ve determined you need a direct installment lender. In most cases you must determine whether a company is actually a reputable direct payday lender. Or could they an online company disguising itself as one. It’s surprising how often consumers get duped when they think they’re applying with an actual lender. Many of these matching services and online lead brokers will hide the fact that they’re only going to sell your personal information. In this blog post we’ll give you a few tips on how you can better identify whether a personal finance company or site is actually a direct payday lender.

    Payday Loans Are Easy To Find – If You Know Where To Look!

     
    Let’s assume you’re online and looking at a site right now that claims to offer direct payday loans. It pays to know what you need to look for so you can determine what occurs when you apply. Are they a reputable service or another payday loan matching service.

    -Does the website state that they’re an actual loan company? Usually this is a good sign when that’s what you’re looking for. But sometimes online payday matching services will use those exact words on their site. When in fact they’re not lending you any money. They’ll usually hide the fact that they’re not a direct lender somewhere in their terms and conditions where they know you won’t read it. Also, some other sites may flat out lie and say they’re a direct lender when they’re not! You’ll want to stay away from these sites even if you’re looking for a payday loan matching service. Some sites will stretch the truth or lie. The goal is to make you think they’re a direct lender that can get same day cash. Don’t put much faith into a site saying they’re an actual direct payday lender. We’ve even come across sites that go way beyond stretching the truth. We’ve seen sites that say they’re going to actually provide funds when they’re online scams. They’ll have you fill out an application to get all your personal information and then you’ll never hear from them again. These types of sites will usually sell your information to identity thieves so be careful!

    -Does the website say(usually down near the bottom) something like, “We are not direct lenders”. Or, “We don’t make any online lending decisions”? “This website matches your information with other sites”? Of course if you see that verbiage anywhere on the site you’re going to know it’s not an installment loan company. That’s a no-brainer. It’s important though that you know where to look for this information. More often then not it’s going to be all the way at the bottom. Look for this verbiage when you first get to the website and you’ll save a lot of time and frustration.

    -Does the website list their state by state fees and interest rates? Do they break down their finance charges and loan payment information for you? Do they link to their state licenses where you can view them online? If you answer yes to both of these questions then you’re at the right spot. Many large cash advance lenders list all their individual state regulations. You can be confident you’re dealing with a lender that funds direct lender payday loans if you see this information on the site. On top of that most direct lenders are required to follow the Truth in Lending Act. This Act requires companies to properly disclose the cost of your loan and what the associated costs are to borrow.

    -Does the website have and list retail locations besides their online site? This is another good sign that you’re dealing with an actual direct payday lender. Most reputable direct payday lenders have physical offices throughout the country. Some are listed on their site when you search for firms in your neighborhood. We can’t think of any non-direct payday lenders that have retail storefronts available where you can walk up and apply for a loan. That doesn’t happen when you focus on online services.

    -Does the website have a tab or link to another page for returning customers or current clients? Once again this is a great sign that you’re at the right place. Many large direct payday lenders have pages online for current clients. Borrowers can view their current loan information or to make a payment on their payday loan. If you see a link for returning customers that means someone had a loan with that actual lender. It’s likely they have the option to apply for a loan again. A link or tab for returning customers is a sign pointing in the direction of the site being a direct lender.

     

    Hopefully we’ve been able to give you some tips and strategies to find real online cash advance services. We touched the surface with the tips above. But, these are the biggest things to look for when you apply. Follow these steps to determine if you’re working with a payday loan matching service. Or if it’s an actual company that provides direct funding. Same approach applies for those interested in installment loans or car title equity lending. With a car title loan a borrower uses their vehicle as collateral. With an installment loan, you are looking for a much higher amount of cash that’s paid back over a longer period. Feel free to email us for tips and insight on how to identify if an online company is actually a online lender!
     

    Still want to know a few tricks on how to spot some reputable payday loan services?