When hard financial times come knocking on their door, most Americans heed the call and look for viable solutions. Fast cash, also known as a payday loan or cash advance offers one of the most secure, reliable, and cost-effective ways to tackle short-term and unforeseen monetary emergencies. In light of the multiplicity and proliferation of payday lenders- both as brick and mortar businesses and on the internet- the average consumer often finds himself or herself lost in a world of choice. While the vast majority of purveyors of unsecured personal loans are legitimate and trustworthy, rather than fly-by-night enterprises, consumers in need or desperate straits should protect themselves against those who would capitalize on their situation for their own profit. The fundamental importance of exercising prudence as a consumer applies of course to all businesses. Equally important is that the borrower be well-informed and engage in comparison-shopping. To find a reputable payday loan store, prospective borrowers should thoroughly research the establishment, the service it provides, and the specific features of its personal loans. By doing so, they will benefit from lower fees, competitive rates, and a sense of reassurance that flows from doing business with a quality credit source.
In their search for the optimal payday lender, consumers should keep the following criteria in mind:
- Number of years that the company has been in operation - Prospective borrowers should focus their search on cash advance providers that have been doing business for a considerable length of time and have a history of financial stability.
- Licensed lenders - Consumers should ensure that the fast cash creditor is licensed and not hesitate to inquire about its lending license.
- Professionally-designed and user-friendly website - Companies specializing in online payday loans should have a marketing website with a design and layout that is coherent and organized and with information that is clear and understandable.
- No processing fees - Payday lenders should not charge any fees to process the customer’s application. Furthermore, consumers should steer clear of businesses guaranteeing instant approval upon the former’s submission of answers to only a few questions.
- Comparison of terms and conditions - Prospective borrowers should carefully review the terms, conditions, procedures, and policies of the cash advance companies under consideration. They may utilize an online personal loan calculator to compare the annual percentage rate (APR) and finance fees offered by different fast cash firms. Since interest rates vary from one payday lender to another, consumers can save a lot by shopping around and obtaining quotes. Since fast cash lenders also differ in the extension and repayment options they offer applicants, consumers should also familiarize themselves with these loan parameters.
- Available contact information - A good payday lender has a Contact Us page that clearly identifies its contact information, including email address, mailing address, and phone numbers. This page should also contain a form for inquiring borrowers to communicate any issue or problem involving the application or submit questions regarding the payday loan and the process in general.
- Frequently Asked Questions (FAQs) page - A reputable online cash advance lender will have a FAQ page that provides answers to commonly-asked questions.
- Security and Privacy Policy - Since security is primordial for any online business, a professional payday loan business will conspicuously post a Security and Privacy Policy on its website and an SSL certificate of security. SSL, which stands for Secured Socket Layer, refers to an electronic connection that is secure and that safeguards the information on a customer’s application form when submitted online. An SSL connection prevents third parties from intercepting any information transmitted by the borrower. A good cash advance provider will clearly display and explain its privacy policy, as well as terms and conditions.
- Added convenience and speed - Prospective borrowers should seek out an online fast cash company that offers no fax payday loans, which minimize documentation and expedite the loan process. With a faxless payday loan, consumers are not required to fax in any papers (such as paycheck stubs) and can simply fill out and submit the short application online from the comfort of their home or office. Similarly, no teletrack payday loan companies, which do not conduct credit checks and which approve applications irrespective of bad credit, saves applicants time and enables them to obtain the funds much quicker and with a few simple clicks of the mouse.
- Customer reviews - An educated consumer will consult online customer reviews from former borrowers of the payday loan companies with which he or she is contemplating doing business.
- Background check with the Better Bureau of Business (BBB) - The BBB keeps records of payday lenders conducting business in the inquiring borrower’s area. Consumers can verify whether any complaints have been filed with the BBB against a particular payday loan store.
- Impeccable customer service - What differentiates a mediocre cash advance business from a first-rate, fast cash provider is the quality of the customer service that is provided and the lender’s attentiveness and responsiveness to the client’s queries and concerns. Prospective borrowers should place a premium on the level of customer service offered by the payday loan store in question.
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