The payday loan industry has been a very fast growing, yet controversial, industry over the past few years. With state level legislation frequently changing, it can be difficult to be sure you’re choosing a reputable payday loan company. If you’re a consumer of this fickle industry, it’s important to do business with a reputable lender. These 5 points are surefire ways to know you’re dealing with a credible payday loan company, especially when buying online.
5 Signs Of A Reputable Payday Loan Company[Khaleef’s note: These items are not a guarantee that you will find a reputable payday loan company, but they can help you weed out a lot of bad ones!]
Look For Logos:
When visiting a payday lenders site, look for credible logos. One such logo is the Community Financial Services of Association of America. This is your best source for responsible lending practices, as well as pertinent information about the payday loan industry as a whole. If a site displays this logo, you can be assured they’re a reputable brand.
Also, look for a secure transaction logo, such as VeriSign, or other reputable authentication service logos. This will ensure that your account information will not be compromised when purchasing a loan online.
A Reputable Payday Loan Company Will Have Knowledge of State Laws:
A legitimate payday loan lender will have knowledge of payday loan laws as they vary by state. Legislation pertaining to payday loans is always changing as it is a hotly debated topic. A reputable lender will keep up with this information by updating and informing the customer as necessary.
Frequently Asked Questions And Information:
A reputable payday loan lender will be very knowledgeable about payday loans and other related services; they will have all the important information, should you have any questions about their services, or debt and bankruptcy matters!
A Physical Location:
Most of the top trusted payday loan lenders have locations online and off. Retail locations were the initial source of payday loan lending, but because many have become internet savvy, there is an online option for this market. While online payday loans may be appropriate for some, not everyone trusts or prefers them. Having a physical location builds trust and offers relief to customers who are skeptical of online transactions.
Offers Additional Services:
An experienced payday loan company knows that their customers have needs that extend beyond a payday loan. That’s why you’ll find that the most reputable payday loan companies will offer additional services, such as cash checking, title loans, installment loans, and even money transfer services. The less experienced payday lenders will focus exclusively on the payday loan, and aren’t as aware of their consumer base and needs.
Because payday loans are sometimes a quick answer to difficult financial answers, there have been many payday loan lenders, especially online, that have evolved to take advantage of peoples misfortunes. These cases often end up turning into fraud, or other non-friendly consumer experiences. To eliminate this, consider a reputable payday lender that you can trust.
This blog post is provided by Check ‘n Go, a trusted online payday loans and cash solution installment loans company. Check ‘n Go is the fourth largest consumer financial service institution offering check cashing and online payday loans in the United States. A founding member of the Consumer Financial Services Association (CFSA), Check ‘n Go has always been committed to responsible lending and continually works with legislators to improve the credibility of the cash advance industry.
photo by vichie81