How to Find the Right Online Cash Advance Lender
You’ve been hearing about online payday lenders, and understand that by going online you can simplify the application process and take advantage of the competitive lending environment. But when you’re researching different online lenders, how do you know what to look for once you get to their website? Read below and take advantage of our tips.
1. Check the Lender’s Credentials
The very first thing you should do is verify the lender’s professional credibility. Check to see what state or federal regulations they abide by, and research their professional affiliations. You can usually find this in an About Us section, or in the small print details listed at the bottom of the home page. If the website has a Comment section, read through the feedback left by other consumers. In a separate window, type the lender’s business name into the search engine field. This should turn up any recent news about the company, including negative reports.
2. Verify the Loan Terms
The website should provide you with enough information to give you a basic understanding of what terms you’ll be offered. Bear in mind that terms and interest rates will vary based on the structure of the deal. Factors affecting this might be your salary, the amount you wish to borrow, and how quickly you can pay back the loan. If you have questions, don’t hesitate to call a customer service representative. A phone number should be listed prominently on the website.
3. Inquire About the Company’s Security Practices
Let’s face it. You’re providing a lot of personal information and you want to be sure it’s protected. If the website doesn’t provide it, call the customer service line and ask about:
• Their data encryption practices
• What online security measures they take to protect your stored data
• How many people will handle your information
• If they sell your personal information to other businesses
If you are not satisfied with their answers—walk away.
4. Ask Anything Else You Can Think Of!
As we pointed out earlier, the online lending business is very competitive, and each lender offers different incentives to try and win your business. If you have any questions or uncertainties about what you are being offered, don’t hesitate to ask. If you can’t find your answers on the website’s FAQ page, call the customer service line. They are there to answer your questions.
Once all your questions are answered, and you feel comfortable with the lender, go ahead and apply for the loan. You’ll find the process easy and quick—sometimes taking little more than an hour to receive approval. Once you’re approved, the money will be deposited directly to your bank account and immediately accessible for your quick cash needs.