How to Choose a Payday Loan Lender

Published on September 14th, 2017

A payday loan is a very short-term loan of around $500 or less, with repayment due on your next payday. These loans are great for keeping things in a precarious financial situation stable by giving yourself a quick burst of cash. But because of its convenience and the surplus amount of people who’d need this kind of burst, there are plenty of fraudulent or incompetent lenders who may try to take advantage of you. Luckily, there are steps you can take to ensure you’re able to sift through and find the right lender for you.

1: Make sure the company you’re looking at has a physical office.

Not every purely internet-based company is a scam, but with a fast cash payday loan, it’s always the safer option to make sure the company has an actual office. While a paper trail can be completely buried on the internet, having an actual office space means that company is in the local government’s books, greatly reducing the likelihood of being a scam. So, when researching a potential lender, google their company to see if they have an office somewhere. If not, the safest option is to just move on.

2: Do you feel comfortable in their store?

In situations like these, it’s best to go along with your gut instincts. If you find a lender that actually does have a store or office, and being in it or around the agent you’re talking with makes you feel like something is off, something probably is. You shouldn’t feel anything but complete confidence in your lender and their business, so take note of doubt starts to creep in. There are plenty of other lenders of this type, after all.

3: Check for customer contact service

No reliable lending company is without a way for the customer to personally get in touch with them. When researching the company, check to make sure they either have a phone number or a live chat, so that you can directly contact them. This way you can ask any questions or doubts you may still have, and get a feel for the staff of the company itself.

4: Read the fine print

When on the company’s site, read everything that you can. The FAQ’s, terms of use, the about page etc. Absorb as much information about this company that you can, and then reread it for the fine details. Be as thorough as possible. If you are still unsure, show the site to a trustworthy peer and ask them if they see anything wrong.

5: Take your Time

Never take out any kind of loan in a hurry, or in a panic. That is the mood the scam artists want you to be in. We understand that often times you may be in a hurry, but try to stay calm, collected and focused on finding the ideal loan for you. Carefully pick out the safest bets for lenders in your area, then work to get the best deal possible from one of them.

Payday loans, when used well, are a fast way to patch up the holes in your finances. Finding the right lender for these loans doesn’t have to be tricky. Short Term Loans offers locations, customer service contacts, and detailed terms of use for all of our service members. Contact Short Term Loans and avoid the worst of the scammers.

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