The Payday Company Things To Look For To Avoid A Shady Payday Loan
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The Payday Company Things To Look For To Avoid A Shady Payday Loan Lender



The Payday Company – Things to​ Look For to​ Avoid a​ Shady Payday Loan Lender
Payday loans aren’t just found at​ your local pawnshop; large financial companies are also in​ the​ business .​
Banks,​ credit unions,​ and financing companies offer services in​ this subprime lending market .​
There are also companies that conduct scams .​
Often these are operated overseas.
Who’s Offering Payday Loans
Online you​ will find thousands of​ payday loan companies .​
Many of​ them simply process or​ refer applications to​ larger financing companies .​
With over $45 billion in​ payday loans being processed annually,​ large financial companies,​ such as​ Wells Fargo,​ Citifinancial,​ and MBNA,​ have become involved .​
You will also find regional and small subprime lenders who focus solely on​ payday loans.
Varying Processes
With FDIC institutions,​ the​ application process can be more stringent .​
Payday loans are known to​ be high-risk .​
Larger financing companies try to​ screen out some applications by requiring higher income levels and researching checking account history.
However,​ there are niche payday lenders who only require identification,​ a​ source of​ income,​ and an​ open checking account .​
Online payday loan companies also have faxless application,​ requiring less paperwork.
Besides application differences,​ payday loan companies also handle payments differently .​
Traditional companies will require you​ to​ write a​ postdated check,​ which they will cash on​ your payday .​
Online lenders debit your payment automatically .​
They also wire money directly to​ your account so you​ don’t have to​ hassle with waiting for a​ check to​ clear at​ your bank.
Identifying Scammers
Some companies identifying themselves as​ payday loan companies are actually fishing for your information .​
These companies are usually located overseas and are difficult to​ prosecute.
Good sense can protect you​ from these companies .​
Don’t hand out your financial information to​ third party sites who promise to​ refer you​ .​
Also look for information on​ finance fees and payment options .​
If an​ offer seems too good to​ be true,​ check it​ out .​
Contact the​ lender to​ speak with a​ representative .​
If they are unprepared to​ answer your financial questions,​ chances are they aren’t legitimate.
Finding the​ Best Lender
Be sure you​ compare lenders .​
By researching online,​ you​ can quickly find the​ best rates and terms .​
Also,​ request financial information before you​ commit to​ a​ lender.




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