Payday loans are often the last resort for cash-strapped individuals who need money fast even with a spotty credit record to their names. Unfortunately, there are unscrupulous lending companies who prey on such desperation.
Often too, separating the bad from the good in the online payday industry boils down to your ability to thoroughly research the company where you plan to take out cash advances on your next paycheck. You can, however, look out for certain red flags that can help in initially limiting your choices.
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Asks for the Wrong Information
Online payday loans are premised on the concept that you can repay the loan because you have a job and a paycheck with which to pay it in full. Thus, when the online company asks for secondary information (i.e., bank account number and social security number) without asking for your primary information (employer's name, address and contact number as well as number of years worked on the job and monthly salary), then know that you are probably being scammed, big-time.
Legitimate lending companies will ask for employer information to determine that, indeed, you have paychecks coming to you. After all, your proof of employment is the only "collateral" that you need to show while availing of payday loans!
No Contact Information/Site Address
When availing of payday loans, whether you are a greenhorn or a veteran in the field, you will have questions to ask of and complaints to file with the money lending company. It is, thus, very important to look for the e-mail address, phone numbers, and physical site of the online company with which you are planning to file an application for a cash loan.
If you don't see these information clearly displayed on the website, run in the other direction. You are endangering sensitive information like your bank account and social security numbers if you don't move on to the next lender. Keep in mind that there are scams where the abovementioned information can and will be used against your interests.
Pay Fee before Loans Release
Most legitimate lenders will deduct the fees involved in payday loans only after these have been released to the individuals availing of the cash advances. Thus, if you come across a money lender that charges an application fee up-front, run in the other direction as fast as you can.
In a normal cash advance with a legit lender, you will receive the money net of applicable fees. You might think that the fees are usurious but you have to remember that the company takes a relatively high risk of late payments, and worse, non-payments.
Vague Contract Details
The contract with which you sign your name into must be clear on the terms and conditions of the loan. For your own protection, read it even when you are not one to peruse the fine prints. For example, the APR must be in bold print.
Otherwise, you might just find yourself fleeced of your money by as much as 50 percent! You would not want that on your already strained pockets, would you?
In conclusion, when looking for payday loans, when it's too good to be true, it probably is too good to be true. You are not as desperate for money as to fall for that one!
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