Finding the Right Payday Loan

The Path to the Right Payday Loan

Those finding themselves in the midst of a financial storm and seeking the salvation of a payday loan should be selective in their search for a cash advance company, since the right lender could save them time and money.  By investigating and comparing the different instant cash loan options available in the marketplace, a consumer can acquire the right type of funds needed to settle unforeseen emergency expenses.

In their quest for the optimal payday loan, borrowers should choose creditors that meet the following criteria:

  1. Offer a no faxing payday loan: With a no fax payday loan, the consumer need not fax documents; he or she may complete all the forms online.  The borrower may obtain the funds in an easier and more expeditious manner.  Creditors offering no faxing payday loan do not perform credit checks; therefore, payment is accelerated.
  2. Do not conduct a credit check: Most cash advance lenders, particularly those offering the bad credit personal loan, waive the credit check requirement. 
  3. Have minimal eligibility requirements
  4. Provide fast status notification (i.e., one hour)
  5. Boast a rock-solid reputation
  6. Offer impeccable customer service

To screen out potential candidates and find the most suitable, qualified payday loan business for bridging their cash gap, borrowers should engage in the following inquiry and run through the checklist below:

1. Word of mouth:

Positive commentary from a consumer's personal entourage about a particular payday loan institution is a reliable indicator of the latter's trustworthiness and ability to satisfy its clientele.

2. Licensing:

All cash advance providers must be licensed in the state from which they operate.

3. Reputation:

Whether it is safe to engage a specific payday loan creditor's services can be verified through the Better Business Bureau and online consumer reviews.

4. Conspicuous listing and posting of loan conditions and terms

5. Privacy policy:

Borrowers should find out what privacy policy the instant cash loan company has in place to ensure data security.  Preferably, an online payday loan business should have installed encryption technology known as Secure Socket Layer (SSL) which protects financial information when files are being transferred.

6. Option to apply online and speed of the approval process:

While some advance creditors provide the funds within hours or longer, consumers to whom time is of the essence should consult an online payday loan company, which will issue the loan in less than 3 minutes.  Similarly, to obtain instant notification of their application status, borrowers should seek out the services of an online payday loan provider.  Consumers will be able to apply and have their applications processed 24 hours a day and 7 days a week.

7. Fees:

Borrowers should shop around for the cash advance company charging the lowest finance fees.  Even though the extent of the charges partly depend on how much the consumer borrows, finance charges also vary from one company to the next.  Consumers should find out if there are any add-ons, wiring fees, or hidden extra charges.  They might also find it beneficial to be informed of any penalties imposed in the event of default or for failure to pay the loan on time. 

8. Loan terms:

Consumers should compare the loan terms offered by different payday loan competitors to ensure that they receive the service and provider that best match their needs.  Borrowers should shop for the lowest annual percentage rate (APR), since interest rates vary widely in the payday loan industry.  Those seeking to extend their instant cash loan for two additional weeks should inquire as to whether or not the company authorizes rollovers.

9. Repayment schedule:

Borrowers should choose the payday loan company that offers the repayment options they need.

10. Extent of pre-qualification disclosure required:

Finally, consumers will find differences in the extent of documentation, namely, the personal, employment and bank information (i.e., social security, proof of residency and/or checking account, bank statement), requested by the various cash advance lenders. 

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