How To Choose a Payday Loan Store
Payday loan stores can ease short term cash problems - when compared to paying overdraft fees and credit card late fees many times the payday loan option ends up being your lowest cost solution.
Getting funds from a payday loan store many times is much cheaper, especially in situations where you have overdrafted several times paying a fee for each occurance.
However...
Today, finding quick cash loan providers is easy, especially with the power and speed of the internet. This is the vary reason you need to be cautious when applying online with a payday loan store.
An online payday loan store can easily create any image it wants - hiding behind a slick,professional and convincing looking website.
A payday loan store website can be created virtually overnight and taken down just as fast. Make the wrong choice by picking the wrong payday loan store company can easily result in identity theft. .
A word of caution - NEVER sign up with an online payday loan store you discover via an unsolicited email.
This is a BIG MISTAKE! You will likely become a "Phishing" victim. Phishing websites exist for the sole purpose of capturing volumes of personal data via internet forms - like the ones you fill out from these unsolicited emails. They attempt to capture your personal information such as your name, social security number, phone number, and bank account numbers, etc..
Distributing your personal information can be a similar to an out of control wildfire - spreading out of control with your personal data captured and utilized for less than ethical purposes.
The good news is there are very legitimate payday loan companies operating online as well as brick and mortar, providing top notch service and honest dealings.
If your not sure you fully understand payday loans, you can review here - Payday loan store
Common Problems with Payday Loan Companies Revealed
We applied at 42 online payday loan stores in order to sample and evaluate the quality of each of the quick cash loan providers. It was our intention to see the variance in overall trustworthiness, fairness, reliability and ease of use for the potential borrower. We actually went through the online process of filling out the forms and requesting funds, typically about $300.
Basically, how easy was it to sign up? How safe did we feel our information was once we submited it? What were the costs involved? Also,we evaluated each payday loan store on quality of customer service provided.
The results were quite varied.
Once our application was accepted, our goal was to contact a live customer service person for furthur inquiry. We found that many oour companies didn't have live support or the phone call went to an automated message. Also many of these companies had been in business less than 2 months.
Choosing a Reputable Payday Loan Store
We did manage to find at least 3 payday loan stores who had established business online for several years. These companies specialize in safe-gaurding your personal data with the latest internet security encryption technology. Also the delivery of funds happened as promissed. The cost per $100 dollars loaned was reasonable based on the industry standard. We were charged $15 to 20$ per $100 borrowed which was OK.
That being said , you may want to consider a payday loan store from the list below - all 3 are solid and experienced.
What do these companies have in common?
- Secure data transfer - your personal info is safe
- Websites were simple and user friendly.
- 24 hour deposit into your bank account.
- Helpful and friendly customer service