Shopping For a Quick Payday Loan? Know Your Stuff

It is just as fun shopping for a quick payday loan online as it is to shop for your favorite "toy". It is even much more fun if, like professional online shoppers, you know how the game is played. In other words, you can shop online for a quick cash payday loan if you use these simple tips as a guide.

Here they are.

Compare loan offers before you choose. There are now websites that make online loan comparison shopping easy and convenient. On these sites, loan offers are displayed side by side, and all the information you need to make an informed choice is provided. All you have to do is visually compare key features of the offers available and then choose the best one for you.

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Choose state-licensed lenders. As a consumer, doing business with a state-licensed lender provides additional protection for you. First, a state-licensed lender is required to comply with all applicable state laws including those limiting finance charges and collection methods. Secondly, it must comply with federal law that requires it to fully disclose the terms of its loans to prospective borrowers. So, complying with these laws provides maximum protection for you.

Avoid offshore lenders. Offshore lenders and some loan brokers are not registered nor are they licensed in states where they do business. So, they are not obliged to comply with state laws. As a result, they may choose to charge any amount in finance fees as well as adopt harsh collection methods they deem fit for their bottom line.

Search for lenders with promotional offers. Yes, you can find a great deal online even for quick payday loans. More and more online lenders are offering affordable loans through promotional offers like coupon codes and seasonal discounts. Taking advantage of these promotional offers could save you up to 50% on loan fees.

Read and understand the disclosures: Payday lenders, including those that operate online, are required to disclose loan terms in their agreement or contract. Such disclosures include, but not limited to, finance fee, service charges, APR, due date and payment options. So, before you sign any agreement for payday cash advance, review it carefully to ensure that the terms are clearly stated and that you will not be hit with hidden charges on the due date.

Review privacy policy of your lender. You want to do business with a company that protects your personal information and identity. Evaluate the security set-up of the lender's website. Read its privacy policy. Look for security seals like VeriSign, McAfee, TSL, etc. Make sure that you are satisfied with the website security before you fill out any application.

Look for friendly customer service. When dealing with an internet business, customer service takes a whole new meaning. Being able to talk to a person when you have a problem is reassuring. Many reputable online lenders provide friendly customer service and you can contact them via phone, email or live chat 24/7.

So, how can you shop online for a quick payday loan? Take the steps listed above. Look for the best deals online. Compare offers from different lenders. Avoid offshore lenders. Do business with reputable, state-licensed online lenders. Protect your personal information and identity.

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