Are Payday Loans Safe?

You need cash to cover immediate expenses, and you don't have the time to apply for a line of credit from your bank or take out a personal loan. A payday loan can help you out in this type of situation, and it is often a good solution for consumers looking for a small amount of cash that they can repay when they receive their next paycheck.

The Gamut of Companies

From car and rent payments to vehicle repairs and utility bills, payday loans can be used for a wide variety of purposes, and they are ideal when other forms of credit are not available. But are all companies safe?

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Unfortunately, as with any other kind of loan or financial transaction, there are good companies and disreputable companies. There are companies who are charging an excessive amount of interest and over-the-top fees, and many consumers are falling prey to these payday lenders because they lack the knowledge necessary to enter into a payday loan agreement.

Therefore, the question remains: how can you get a quick loan, with reasonable fees and repayment terms, without being scammed?

How to Ensure a Safe Payday Loan

The following lists details the steps you should take when applying for a payday loan:

o Research the companies in your area and online. Compare their fees and repayment terms. Then, get a clear idea of how much money you need before walking through the front door or begin the online application.

o Make sure you understand all of the fees associated with the loan, as well as the terms associated with repayment. Most importantly, make sure the contract information is clear and concise and DO NOT sign it until you understand all of the contract's details.

o Reserve the right to be uncomfortable. If, at any time, you feel uncomfortable about the process or the terms of the payday loan, get up and walk away.

o Avoid getting overwhelmed or excited at the notion of "easy money." Instead, focus on the financial terms of the loan. Many consumers get in over their heads when they take out more money than they can reasonably pay back.

o Be prepared with your information. You will need to provide the lender with your checking account number, proof of income and other personal criteria.

o Know about the competition. There is pretty stiff competition in the payday loan market, and you should be prepared to find another lender if the terms do not meet your approval.

o Avoid any offshore lenders. Conduct business with U.S.-based lenders only to avoid potential overseas scams.

o Plan for your repayment. Budget your next paycheck accordingly so that you can prepare for the repayment of the loan.

However, not all people qualify for payday loans. There are several guidelines that may apply during your application:

o You must meet certain criteria to receive a payday loan. For example, for most payday lenders you must be 18, you must be employed and you must have an active bank account.

o Most payday lenders will not lend money to individuals in bankruptcy.

o You can not apply for a new loan if a past payday loan has not been paid off.

There are many reputable payday loan companies that can provide you with the funds you need in an emergency or difficult situation. By following the guidelines highlighted above, you can securely obtain the funds you need before your next paycheck arrives.

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