Payday loans – While this type of loan has been under fire due to its higher-than-average interest rate, these loans have been a huge time- and life-saver for consumers who’re stripped for cash. After all, what could be easier than hooking up to the internet; searching for a lender; applying and getting approved within minutes!?
Having said that, not all lenders are created equal. You want to perform a quite thorough lender payday loans review to find the RIGHT lender. Here are a few things you may want to keep your eyes peeled for when you research:
Look For State Licenses And Approval: State laws set the limit on penalty charges; loan amounts and requirements; collection methods; debt ceiling, and more. These are in place to protect consumers like you from opportunistic lenders. Only lenders who comply with these mandated limits and requirements can get state licenses.
Check If They Have A Security Encryption Seal: This is especially true if you plan to apply for a loan online. Remember, you’re entering private and important information to another website because you need some financial help…and you don’t want to compound the problem with the risk of having your identity stolen.
Read Full Disclosure: Legit and reliable lenders fully disclose their loan terms as mandated by their state. In reading their full disclosure, you’ll learn what charges and penalties to expect; the APR; and the due date of the loan – helping you make an educated decision.
Check Out Their BBB Rating If They Have One: For those of you who’re unaware, Better Business Bureau (BBB) is a non-profit organization that focuses on advancing market trust. They do provide ratings based on a business’ complaints history; time in the industry; background information; licensing and government issues; and many more.
While a BBB rating is not the only measurement of a lender’s track record and trustworthiness, it gives you a good idea of whether you should take out a loan from payday lender or look somewhere else. If at all possible, stick to lenders with, at least, a B-rating from BBB.
Here at LenderGuide.org, we practice what we preach. We have looked into numerous lending institutions; read several lender payday loans reviews; and checked their state licensing and BBB ratings – relieving you of the legwork. Here are some of the payday loan lenders that we believe to have excellent track records:
Check Into Cash
While they’re based in Cleveland, TN, Check Into Cash has numerous branches and store front locations (1000 according to the company) across the country – making them one of the larger payday loan lenders out there.
As far state approval and licensing goes, the lending company is licensed in almost every state where lending is legal. Aside from payday loans, Check Into Cash also offers title loans (known as car title loans in some states) for applicants who need more financial firepower.
Like most payday loan lenders, they do have an option for online application. Their application / approval process usually only takes 5 minutes, and it’s possible to have the funds in your account the very next day. And when you toss in their BBB rating of A+ (one of the best around), it’s safe to say that Check Into Cash is one of the most reliable and trustworthy payday loan lenders out there.
As far as small loan products go, CashNet USA goes beyond payday loans. This lender also offers lines of credit; small installment loans; CSO loans; and even installment loans for consumers who need to take out larger sums of cash.
A division of Cash America (whose market cap is at $1.83B), Cash Net is a state licensed and approved lender in every state that they conduct business in – point number one in our list is well taken care of. Moreover, CashNet USA earned a B-rating under BBB’s standards – and that’s more than decent for a lender of their stature.