With all the payday loan websites out there, it can be confusing
trying to pick one. Most importantly, you have to be careful
about choosing a company that's reputable.
As you do your search online, here are some things to look for:
1) The company should have a professional-looking website.
Of course, looks can be deceiving. But if the pages look like
they are poorly designed, or if they look "cheesy" and
amateurish, it's best to stay away.
2)The company should offer clear and helpful information on the
website.
If a loan company isn't willing to make the effort to give you
all the information you need, then maybe they're trying to hide
something. Also, you only want to work with a company that tries
to be helpful up front. That shows they're probably willing to
be more helpful once you become a customer.
3)The website should answer most of your questions.
Look for a button on the website that says "FAQ", which stands
for Frequently Asked Questions. There you should find answers to
any questions you may have. A company that isn't even willing to
offer this is one that isn't very helpful.
4) If the company charges an up-front fee for processing your
application, stay away!
This is a sure sign of a scam. Never pay a fee just for having
your application processed. The honest loan companies charge you
a fee for making you the loan, not for processing your
application before you even know if you're approved.
5)The website should have a Privacy Policy posted in plain view.
Since the loan company collects a lot of information from you,
it's important for them to tell you how they treat that
information. A loan company that won't tell you this on their
website shouldn't be trusted.
6) You should be able to contact the company easily.
Look for a "Contact Us" button on the home page (or something
with similar wording). You should be able to find an address,
and be able to email the company using a form on the Contact
page.
7) The application form should ask a lot of questions and be
easy to use.
Someone who's going to lend you their money should ask a lot
about you. That's normal. But if a lender claims they can
approve you for a loan with only a few questions, that's a red
flag. Most likely, someone who "guarantees" you a loan will also
ask you for an up-front fee to process your application, which
you now know is a warning sign.
8) The company should not allow you to "roll over" the loan more
than four times.
Every time you extend the term of the loan — called
"rolling over" or "refinancing" — you pay another fee.
It's okay if you have to do this once or twice, but it can get
you in a bind if you keep doing it month after month. The good
companies recognize this, and they'll only let you roll over the
loan a few times before making you start to pay it back.
About the author:
Don Sorensen is co-founder of
LoanTruth.org a website
focused on the truth about payday loans and develops content for
Search Census
Records.
