There you are, poised at your PC, having just taken the first step towards easing your financial crunch by performing an Internet search for Payday Loan providers. Then suddenly your hand freezes over your mouse! You’re mesmerized by the vast selection and frozen like a deer in headlights! Amidst all this, an unpleasant sense of doubt tickles the edge of your consciousness. How do you know getting an online Payday Loan is safe? Here are the things that you should look for and do to ensure that you have a safe online payday loan experience lend money to family.
· Website security. Verify that the online payday loan website’s security certificate is valid. It can usually be found on the homepage of the website. Also, look for the little yellow padlock icon in the lower right corner of your web browser window. This shows that the website is secure and generally means the information on that page is being encrypted so it cannot be stolen. In addition, check to see if there is an “s” after the “http” portion of websites internet address at the top of your Internet browser screen. This is important on the pages where you are transmitting personal or sensitive information (i.e. pages that include your social security number, bank account information, etc.). You can be assured that your Payday Loan provider has taken steps to ensure that your personal information, at the time of submission, is encrypted and secure if you find these site security indicators are in place.
· Ask questions. Make sure that you feel comfortable with the terms of your loan, the security of the website, and why the documents that have been requested of you are required. Ask questions regarding any concerns that you have and keep asking until you are satisfied with the answer. If you don’t get complete answers, you might want to find another lender.
· Review your disclosure. The Federal Truth in Lending Act requires that payday loan lenders disclose all fees associated with your payday loan. This law is in place to protect both consumers and lenders. Your loan agreement (or disclosure agreement) should clearly state what your loan rate is and the loan fee that you will be charged (i.e. the interest on your loan). In addition, it should clearly state the amount that you are borrowing, the total amount due, and the date by which your pay off will be due. Make sure you understand the terms you are agreeing to. Beware of any hidden fees and charges that may not have been disclosed.
· Borrow only what you need. It’s easy to be tempted to accept a payday loan for a higher amount if it is offered to you. However, it is important to remember that with a higher loan amount comes a higher fee and therefore a higher pay off balance! Keep in mind, your balance will be due for repayment on your next pay date. Make sure that you will be able to do without that amount on your pay date so that you don’t put yourself in greater financial peril. Borrowing only the amount you really need and planning for a timely repayment is the best way to keep your financial life safe once the current crisis has passed.
A Payday Loan can be as safe as you make it. An informed consumer is a smart consumer! Armed with your new knowledge you can feel prepared to take the next step and click that mouse. You are more than ready to select a Payday Loan provider from the buffet of services offered, with no fear that your selection is compromising your personal information or your financial future.