Online payday loans can be certainly welcome if you find your family has a pressing need that requires money and you don’t have the good credit (or the time) to get personal cash loans through a bank.
With a simple computer and a few minutes, you can easily find loans til payday that will help you through the immediate crisis at hand and allow you the time to recoup and regroup.
But when you’re getting payday loans online, and you don’t know those payday loan lenders; they aren’t community banks sitting around the corner from your home; and you don’t even know if you are actually getting a direct lender or referral service sometimes, or if you can trust them regardless of which category they fall under, how do you keep your financial information safe?
How do you know if those online loan places you are seeking out for poor credit loans are reputable and that you can trust them? Can someone even tell?
Yes! There are ways to find online payday loans that are safe, and while no specific step will guarantee complete protection, nor will every reputable payday lender online necessarily fit exactly into all the following safeguarding criteria, the more a lender exhibits professionalism in the field, the better chances you have of finding the best online payday loans.
You don’t have to have bad lenders when you’re getting no credit check loans for people with bad credit! It is possible to borrow money online safely.
Here is a list of six things that better guarantee your online payday loan will be handled by a reputable, safe, and trustworthy company.
1. Look for the logo that says “Community Financial Services Association of America”.
If the website either displays the CFSA logo or at least proudly recognizes their business as a member of the Community Financial Services Association of America, they have already obliged themselves to honest, ethical, and trustworthy practices. While you still may be hit with high interest rates because you are getting a loan with a a bad credit rating, you can at least feel more assured the online lender you are working with is safe to work with.
If you don’t see the logo on the front page of your lender’s website, check out the “About Us” page (or its equivalent).
Here is the website to the CFSA so you can see what the logo looks like and also what being a member of this professional organization means for those financial companies that are a part of it: http://cfsaa.com/
FISCA, Financial Service Centers of America, Inc (previously the National Check Cashers Association) is another organization some lenders maintain a membership with, indicating their commitment to professionalism, conduct, and security.
Not every good payday loan lender is a part of this group, but if they are, you know they represent a high standard in their practices and in regards to the protection of their customers.
2. Look for lenders who have secured websites.
When you apply for payday loans online, you are going to be providing private financial and personal information on your application. Just like when you purchase something online, your information will be best protected on websites that have a secured web connection, those which show a SSL certificate, a VeriSign Secured logo, and/or a McAfee website protection display.
Here is a great little post on how to tell if a web page is secure: http://info.ssl.com/article.aspx?id=10068
3. Look for a Better Business Bureau icon on the website.
Again, not every online payday loan lender will be a member of this organization, but if they are, you have just minimized your chances of the site being an online scam.
Reputable companies that maintain an active membership with the Better Business Bureau are concerned about a good reputation and good business practices.
Look for references and information on various state laws for pay day loans in the states in which they legally service loans and operate.
Different states have different rules for cash advance payday loans online. Good payday loan companies generally take the time to list the states they are licensed in and even better, describe, or direct you to, your state’s laws on lending.
When you see a business taking this extra step, it could indicate they take the proper steps in all areas of their business.
4. Do you see a “My Account” or “Log In” button on the site you plan to apply on?
This is definitely not a make or break action, but it might help to know that you can more determine if a website is some off the wall referral business (referring to who knows who) or a legitimate loan referral service to a direct lender, or even the direct lender itself by the presence of an “account” for you right at that website.
When you see you can log into your own account right there, you can feel better knowing that is where it all happens for you, that you are not just being passed off to dozens of lenders you have no clue about. You are usually with payday loans online direct lenders or at least companies that work closely with them.
5. Remember the old saying “If it’s too good to be true…”
It is true you can find guaranteed loans for bad credit people online. It is also true you can find payday loans online no credit check required. And it’s not improbable that you will see lenders advertising instant online payday loans, or even sometimes easy or cheap, but legitimate payday loans online do not offer the world. If a company is offering mountains compared to other lender’s hills, step back, take a breath, and then consider clicking onto another site that seems more realistic and more in line with what others are legitimately offering.
6. Look for multi-service financial businesses, especially ones with physical locations in your neighborhood as well as online.
There are some good online payday loan businesses that do not offer any services other than the online urgent cash loans and the payday cash advances they specialize in. However, the businesses that provide an array of services (some in your local community sometimes) such as title loans, installment loans, check cashing, Western Union and money transfers, bill payment centers, prepaid credit cards, and even pawn shops are usually engrained enough in the financial business field to be legitimate and developed enough to know to how protect their customers online.
Wanting to find safe online payday loans is perfectly understandable. It’s too easy for online scammers to take advantage of the situation. When personal information is being provided, there is even more reason to be concerned.
Fortunately, with a little knowledge, a little thought, and a dose of caution, you should be able to find the right lender to help you through your private family matter.
This is the 8th article in a series of no credit check loans for people with bad credit.
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