6 Golden Rules How to Choose Payday Loan Lender
Payday loan industry in the United States went big at the end of 80’s and over the last two decades more and more people started using short term loans as a fast and easy way to get some spare cash.
When the industry proved to be highly sought-after among the US citizens a lot more companies entered the market and some of them were just flight-by-night establishments in search of easy money. After that it was never that easy to find a reliable direct payday lender that offers decent interest rates and plays it fair.
According to the estimates, more than 20% of payday loan lenders in the United States are scam. We have prepared a few useful tips to help you to know the difference between a shadowy organization and authorized payday lender.
- Decision power
The first thing you need to do before getting for a loan is some simple bookkeeping. Carefully calculate how much money you need to get to the next payday. Be aware that the more you take, the higher your interest will be. Take only what you really need and always double-check it
- Only certified lenders
Do not include uncertified or unauthorized companies in your list. On web-sites of direct payday lenders it is clearly stated that the company’s services are certified and therefore they can provide you with guarantees.
- Getting informed
Each country has its own regulations on payday lending. We strongly advise you to get familiar with laws and limitations levied on such companies in your state. Find out maximum and fixed interest rate amounts determined by your state’s legislative power and pick out only those direct payday lender companies that fit in.
- Looking for transparency
There is one simple rule in business. Generally, transparent companies neither impose hidden fees nor overcharge their customers. Interest rates, late charges, and any other important information on pricing policy must be up-front on the web-site of your payday lender.
- Quick Response
Check whether the company you are planning to use has one or a network of offices in your state, a phone number you can call, and a customer care department you can get in touch with if a problem pops up.
- Enjoying it
If you successfully managed to tick off only the best direct payday lenders by sticking to the five easy rules located above, then it’s high time to try them out. We are sure that with a good deal of checking one can choose the most secure and reliable lending companies that provide its customers with both reasonable pricing policy and nice customer service.